Yard Designs (YD) experlenced the following events In Year 1, Its first year of operation: 1 On October 1, Year 1, YD collected $54,000 for consulting services It agreed to provide during the next 12 months. 2 Adjusted the accounts to reflect the amount of consulting service revenue recognized In Year 1. Required Based on this Information alone: a. Record the events under an accounting equation. b. Prepare an Income statement, balance sheet, and statement of cash flows for the Year 1 accounting perlod. c Ignoring all other future events, what is the amount of service revenue that would be recognized In Year 2? Complete this question by entering your answers in the tabs below. Req B2 Bal Sheet Reg B1 Inc Req 83 CF Stmt Req A Req C Stmt Record the events under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) YARD DESIGNS Accounting Equations Year 1 Stockholders Equity Retained Earnings Assets Liabilities Event Unearned Revenue Cash Event Adjusting
Yard Designs (YD) experlenced the following events In Year 1, Its first year of operation: 1 On October 1, Year 1, YD collected $54,000 for consulting services It agreed to provide during the next 12 months. 2 Adjusted the accounts to reflect the amount of consulting service revenue recognized In Year 1. Required Based on this Information alone: a. Record the events under an accounting equation. b. Prepare an Income statement, balance sheet, and statement of cash flows for the Year 1 accounting perlod. c Ignoring all other future events, what is the amount of service revenue that would be recognized In Year 2? Complete this question by entering your answers in the tabs below. Req B2 Bal Sheet Reg B1 Inc Req 83 CF Stmt Req A Req C Stmt Record the events under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) YARD DESIGNS Accounting Equations Year 1 Stockholders Equity Retained Earnings Assets Liabilities Event Unearned Revenue Cash Event Adjusting
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter3: Processing Accounting Information
Section: Chapter Questions
Problem 3.1E: Types of Events For each of the following events, identify whether it is an external event that...
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