Required information [The following information applies to the questions displayed below.] Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $65,000 cash from the issue of common stock. 2. Purchased $2,200 of supplies on account. 3. Purchased land that cost $28,000 cash. 4. Paid $2,200 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $52,000. 6. Paid $26,000 cash for other operating expenses. 7. Collected $43,000 cash from accounts receivable. Information for 2018 Adjusting Entries 8. Recognized accrued salaries of $3,700 on December 31, 2018. 9. Had $700 of supplies on hand at the end of the accounting period. Events Affecting the 2019 Accounting Period 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $3,700 cash to settle the salaries payable obligation. 3. Paid $5,100 cash in advance to lease office space. 4. Sold the land that cost $28,000 for $28,000 cash. 5. Received $6,300 cash in advance for services to be performed in the future. 6. Purchased $1,500 of supplies on account during the year. 7. Provided services on account of $37,000. 8. Collected $38,000 cash from accounts receivable. 9. Paid a cash dividend of $4,000 to the stockholders. 10. Paid other operating expenses of $24,500. Information for 2019 Adjusting Entries 11. The advance payment for rental of the office space (see Event 3) was made on March 1 for a one-year term. 12. The cash advance for services to be provided in the future was collected on October 1 (see Event 5). The one-year contract started on October 1. 13. Had $800 of supplies remaining on hand at the end of the period. 14. Recognized accrued salaries of $4,400 at the end of the accounting period. 15. Recognized $900 of accrued interest revenue.
Required information [The following information applies to the questions displayed below.] Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $65,000 cash from the issue of common stock. 2. Purchased $2,200 of supplies on account. 3. Purchased land that cost $28,000 cash. 4. Paid $2,200 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $52,000. 6. Paid $26,000 cash for other operating expenses. 7. Collected $43,000 cash from accounts receivable. Information for 2018 Adjusting Entries 8. Recognized accrued salaries of $3,700 on December 31, 2018. 9. Had $700 of supplies on hand at the end of the accounting period. Events Affecting the 2019 Accounting Period 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $3,700 cash to settle the salaries payable obligation. 3. Paid $5,100 cash in advance to lease office space. 4. Sold the land that cost $28,000 for $28,000 cash. 5. Received $6,300 cash in advance for services to be performed in the future. 6. Purchased $1,500 of supplies on account during the year. 7. Provided services on account of $37,000. 8. Collected $38,000 cash from accounts receivable. 9. Paid a cash dividend of $4,000 to the stockholders. 10. Paid other operating expenses of $24,500. Information for 2019 Adjusting Entries 11. The advance payment for rental of the office space (see Event 3) was made on March 1 for a one-year term. 12. The cash advance for services to be provided in the future was collected on October 1 (see Event 5). The one-year contract started on October 1. 13. Had $800 of supplies remaining on hand at the end of the period. 14. Recognized accrued salaries of $4,400 at the end of the accounting period. 15. Recognized $900 of accrued interest revenue.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 10E: Spreadsheet The following 2019 information is available for Payne Company: Partial additional...
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Need Table B4 answered it is statement of
Transcribed Image Text:b-1. Prepare an income statement for 2018 and 2019.
b-2. Prepare the statement of changes in stockholders' equity for 2018 and 2019.
b-3. Prepare the balance sheet for 2018 and 2019.
b-4. Prepare the statement of cash flows for 2018 and 2019, using the vertical statements model.
Complete this question by entering your answers in the tabs below.
Req B1
Req B2
Req B3
Req B4
Prepare an income statement for 2018 and 2019. (Do not round intermediate calculations.)
ALCORN SERVICE COMPANY
Income Statements
For the Years Ended December 31, 2018 and 2019
2018
2019
Total revenue
Expenses
Total expenses
< Req B1
Req B2 >
![Required information
[The following information applies to the questions displayed below.]
Alcorn Service Company was formed on January 1, 2018.
Events Affecting the 2018 Accounting Period
1. Acquired $65,000 cash from the issue of common stock.
2. Purchased $2,200 of supplies on account.
3. Purchased land that cost $28,000 cash.
4. Paid $2,200 cash to settle accounts payable created in Event 2.
5. Recognized revenue on account of $52,000.
6. Paid $26,000 cash for other operating expenses.
7. Collected $43,000 cash from accounts receivable.
Information for 2018 Adjusting Entries
8. Recognized accrued salaries of $3,700 on December 31, 2018.
9. Had $700 of supplies on hand at the end of the accounting period.
Events Affecting the 2019 Accounting Period
1. Acquired $25,000 cash from the issue of common stock.
2. Paid $3,700 cash to settle the salaries payable obligation.
3. Paid $5,100 cash in advance to lease office space.
4. Sold the land that cost $28,000 for $28,000 cash.
5. Received $6,300 cash in advance for services to be performed in the future.
6. Purchased $1,500 of supplies on account during the year.
7. Provided services on account of $37,000.
8. Collected $38,000 cash from accounts receivable.
9. Paid a cash dividend of $4,000 to the stockholders.
10. Paid other operating expenses of $24,500.
Information for 2019 Adjusting Entries
11. The advance payment for rental of the office space (see Event 3) was made on March 1 for a one-year term.
12. The cash advance for services to be provided in the future was collected on October 1 (see Event 5). The one-year
contract started on October 1.
13. Had $800 of supplies remaining on hand at the end of the period.
14. Recognized accrued salaries of $4,400 at the end of the accounting period.
15. Recognized $900 of accrued interest revenue.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff8151a55-1f97-4293-9574-706e6f6ba5ac%2F7f94517a-805a-4441-94f2-55e39d89b35d%2Fbiumps_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Alcorn Service Company was formed on January 1, 2018.
Events Affecting the 2018 Accounting Period
1. Acquired $65,000 cash from the issue of common stock.
2. Purchased $2,200 of supplies on account.
3. Purchased land that cost $28,000 cash.
4. Paid $2,200 cash to settle accounts payable created in Event 2.
5. Recognized revenue on account of $52,000.
6. Paid $26,000 cash for other operating expenses.
7. Collected $43,000 cash from accounts receivable.
Information for 2018 Adjusting Entries
8. Recognized accrued salaries of $3,700 on December 31, 2018.
9. Had $700 of supplies on hand at the end of the accounting period.
Events Affecting the 2019 Accounting Period
1. Acquired $25,000 cash from the issue of common stock.
2. Paid $3,700 cash to settle the salaries payable obligation.
3. Paid $5,100 cash in advance to lease office space.
4. Sold the land that cost $28,000 for $28,000 cash.
5. Received $6,300 cash in advance for services to be performed in the future.
6. Purchased $1,500 of supplies on account during the year.
7. Provided services on account of $37,000.
8. Collected $38,000 cash from accounts receivable.
9. Paid a cash dividend of $4,000 to the stockholders.
10. Paid other operating expenses of $24,500.
Information for 2019 Adjusting Entries
11. The advance payment for rental of the office space (see Event 3) was made on March 1 for a one-year term.
12. The cash advance for services to be provided in the future was collected on October 1 (see Event 5). The one-year
contract started on October 1.
13. Had $800 of supplies remaining on hand at the end of the period.
14. Recognized accrued salaries of $4,400 at the end of the accounting period.
15. Recognized $900 of accrued interest revenue.
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