a)
Event | Revenue | Expense | Statement of Cash Flows | |
1. | $58000 | FA | ||
2. | $80000 | |||
3. | -5800 | FA | ||
4. | 64000 | OA | ||
5. | -58000 | -58000 | OA | |
6. | 17000 | 17000 | OA | |
7. | -2800 |
b) Revenue= $80000+17000= $97000
Expenses= $58000+2800= $60800
Net income= Revenue-Expenses
= $97000-60800= $36200
c) Cash received from revenue= $64000+17000= $81000
Net cash flow from operating activities= Cash received from revenue-Cash paid for expenses
= $81000-58000= $23000
d) Before closing balance in service revenue account= $80000+17000= $97000
But when the company will close the balance of the service revenue account in the retained earnings at the end of the period, the balance of the service revenue account will become $0
After closing balance = $0
e) Balance of Retained earnings= Net income-Dividends
= $36200-5800= $30400
Cordell Inc experienced the following events in 2018, its first year of operation 1. Received $58.000...
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