Recording events in a horizontal statements model The following events pertain to Super Cleaning Company: 1....
Recording events in a horizontal statements model The following events pertain to Super Cleaning Company:
1. Acquired $10,000 cash from the issue of common stock. 2. Provided $15,000 of services on account. 3. Provided services for $5,000 cash. 4. Received $2,800 cash in advance for services to be performed in the future. 5. Collected $12,200 cash from the account receivable created in Event 2. 6. Paid $1,900 for cash expenses. 7. Performed $1,400 of the services agreed to in Event 4. 8. Incurred $3,600 of expenses on account. 9. Paid $4,800 cash in advance for one-year contract to rent office space. 10. Paid $2,800 cash on the account payable created in Event 8. 11. Paid a $1,500 cash dividend to the stockholders. 12. Recognized rent expense for nine months’ use of office space acquired in Event 9 Required Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Use NA to indicate accounts not affected by the event. The first event is recorded as an example.
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Effect of Events on the Financial Statements |
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|
Balance Sheet |
Income Statement |
Stmt. of |
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|
Assets |
= |
Liabilities |
+ |
Stockholders’ Equity |
Rev. |
- |
Exp. |
= |
Net Inc. |
Cash Flows |
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|
Event No. |
Cash |
+ |
Accts Rec. |
+ |
Pp. Rent |
= |
Accts. Pay. |
+ |
Unearn Rev. |
+ |
Com. Stock |
+ |
Ret. Earn. |
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|
1. |
10,000 |
+ |
NA |
+ |
NA |
= |
NA |
+ |
NA |
+ |
10,000 |
+ |
NA |
NA |
- |
NA |
= |
NA |
10,000 FA |
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|
2. |
+ |
+ |
= |
+ |
+ |
+ |
- |
= |
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|
3. |
+ |
+ |
= |
+ |
+ |
+ |
- |
= |
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|
4. |
+ |
+ |
= |
+ |
+ |
+ |
- |
= |
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|
5. |
+ |
+ |
= |
+ |
+ |
+ |
- |
= |
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|
6. |
+ |
+ |
= |
+ |
+ |
+ |
- |
= |
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|
7. |
+ |
+ |
= |
+ |
+ |
+ |
- |
= |
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|
8. |
+ |
+ |
= |
+ |
+ |
+ |
- |
= |
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|
9. |
+ |
+ |
= |
+ |
+ |
+ |
- |
= |
|||||||||||||||
|
10. |
+ |
+ |
= |
+ |
+ |
+ |
- |
= |
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|
11. |
+ |
+ |
= |
+ |
+ |
+ |
- |
= |
|||||||||||||||
|
12. |
+ |
+ |
* |
= |
+ |
+ |
+ |
- |
= |
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|
Bal. |
$ |
+ |
$ |
= |
$ |
+ |
$ |
+ |
$ |
$ |
- |
$ |
$ |
$ |
= |
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*$ x /12 = $
Homework Answers
| Effect of Events on the Financial Statements | ||||||||||||||||||||||
| Balance Sheet | Income Statement | Stmt. of | ||||||||||||||||||||
| Assets | = | Liabilities | + | Stockholders’ Equity | Rev. | - | Exp. | = | Net Inc. | Cash Flows | ||||||||||||
| Event | Cash | + | Accts Rec. | + | Pp. Rent | = | Accts. Pay. | + | Unearn Rev. | + | Com. Stock | + | Ret. Earn. | |||||||||
| No. | ||||||||||||||||||||||
| 1 | 10,000 | + | NA | + | NA | = | NA | + | NA | + | 10,000 | + | NA | NA | - | NA | = | NA | 10,000 FA | |||
| 2 | + | 15000 | + | = | + | + | + | 15000 | 15000 | - | = | 15000 | ||||||||||
| 3 | 5000 | + | + | = | + | + | + | 5000 | 5000 | - | = | 5000 |
5000 OA |
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| 4 | 2800 | + | + | = | + | 2800 | + | + | - | = |
2800 OA |
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| 5 | 12200 | + | -12200 | + | = | + | + | + | - | = |
12200 OA |
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| 6 | -1900 | + | + | = | + | + | + | -1900 | - | 1900 | = | -1900 |
-1900 OA |
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| 7 | + | + | = | + | -1400 | + | + | 1400 | 1400 | - | = | 1400 | ||||||||||
| 8 | + | + | = | 3600 | + | + | + | -3600 | - | 3600 | = | -3600 | ||||||||||
| 9 | -4800 | + | + | 4800 | = | + | + | + | - | = |
-4800 OA |
|||||||||||
| 10 | -2800 | + | + | = | -2800 | + | + | + | - | = |
-2800 OA |
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| 11 | -1500 | + | + | = | + | + | + | -1500 | - | = |
-1500 FA |
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| 12 | + | + | -3600 | = | + | + | + | -3600 | - | 3600 | = | -3600 | ||||||||||
| Bal. | 19,000 | + | 2,800 | = | 19000 | + | 800 | + | 1,400 | 10,000 | - | 10,800 | 21,400 | 9,100 | = | 12,300 |
19,000 NC |
|||||
| $4,800 X 9/12 = $3,600 | ||||||||||||||||||||||
Add Answer to:
Recording events in a horizontal statements model The following
events pertain to Super Cleaning Company:
1....
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