Answer only. Required informationThe following information applies to the questions displayed below.]At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:AccountCashAccounts receivableAccounts payableCommon stockRetained earningsBalance$ 27,50018,00013,20019, 10013,200The following events apply to Oak Consulting for Year 2:1. Provided $71,700 of services on account.2. Incurred $3,400 of operating expenses on account.3. Collected $46,200 of accounts receivable.4. Paid $30,100 cash for salaries expense.5. Paid $14,940 cash as a partial payment on accounts payable.6. Paid a $9,400 cash dividend to the stockholders.es:. Show the beginning balances and the events in a horizontal statements model such aslthe following one: (In the Cash Flowatiuitior pnd "NCn for net change in cash Select "NA" :. Show the beginning balances and the events in a horizontal statements model such as the following one: (In thé Cash Flowcolumn, use the initials "OA" for operating activities, "FA" for financing activities and "NC" for net change in cash. Select "NA"vherever required. Enter any decreases to account balance and cash outflows with a minus sign.)OAK CONSULTINGEffect of Transactions on the Financial Statements for Year 2Balance SheetIncome StatementAssetsLiabilitiesStockholders' EquityRevenueExpenses= Net IncomeStatement of CashFlowAccountsAccountsCommonRetainedNoCash+Earnings%3D+ReceivablePayableStockBal.++1+%3D3%3D4++%3D%3D+6%3DBal.+ + +++

Every transaction in a business effect two or more accounts. As per accounting equation, assets =…

The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Balance Account Cash Accounts receivable Accounts payable Common stock Retained earnings $ 27,500 18,000 13, 200 19,100 13,200 The following events apply to Oak Consulting for Year 2: 1. Provided $71,700 of services on account. 2. Incurred $3,400 of operating expenses on account. 3. Collected $46,200 of accounts receivable. 4. Paid $30,100 cash for salaries expense. 5. Paid $14,940 cash as a partial payment on accounts payable. 6. Paid a $9,400 cash dividend to the stockholders.

The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Balance Account Cash Accounts receivable Accounts payable Common stock Retained earnings $ 27,500 18,000 13, 200 19,100 13,200 The following events apply to Oak Consulting for Year 2: 1. Provided $71,700 of services on account. 2. Incurred $3,400 of operating expenses on account. 3. Collected $46,200 of accounts receivable. 4. Paid $30,100 cash for salaries expense. 5. Paid $14,940 cash as a partial payment on accounts payable. 6. Paid a $9,400 cash dividend to the stockholders.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.17E: Financial statements Each of the following items is shown in the financial statements of ExxonMobil...

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