Question

The following events pertain to Super Cleaning Company 1. Acquired $16.100 cash from the issue of common stock 2. Provided $1
10 Bol 21,200 14.100
Statement of Cash Flows 16,100 FA 16.100
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Answer #1
SUPER CLEANING COMPANY
Effect of events on the Financial Statement
Event
No
Balance Sheet Income Statement
Assets Liabilities + Stockholders' Equity Revenue - Expenses = Net income
Cash + Accounts
Receivable
+ Prepaid
Rent
= Accounts
Payable
+ Unearned
Revenue
+ Common
Stock
+ Retained
Earnings
Statement fo Cash
Flows
1 $16,100 + + = + + $16,100 + - = $16,100 FA
2 + $14,100 + = + + + $14,100 $14,100 - = $14,100
3 $5,100 + + = + + + $5,100 $5,100 - = $5,100 OA
4 $3,500 + + = + $3,500 + + - = $3,500 OA
5 $10,100 + ($10,100) + = + + + - = $10,100 OA
6 ($6,100) + + = + + + ($6,100) - $6,100 = ($6,100) ($6,100) OA
7 + + = + ($1,750) + + $1,750 $1,750 - = $1,750
8 + + = $2,600 + + + ($2,600) - $2,600 = ($2,600) ($1,650) OA
9 ($1,650) + + $1,650 = + + + - = ($2,250) OA
10 ($2,250) + + = ($2,250) + + + - = ($2,600) FA
11 ($2,600) + + = + + + ($2,600) - =
12 + + ($1,237.50) = + + + ($1,237.50) - $1,237.50 =
Bal. $22,200 + $4,000 + $413 = $350 + $1,750 + $16,100 + $8,413 $20,950 - $9,938 = $7,150

For Event 12,

Rent expense = 1,650 x (9/12 ) = $1,237.50

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