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Required information The following information applies to the questions displayed below. Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $66,000 cash from the issue of common stock. 2. Purchased $2,400 of supplies on account. 3. Purchased land that cost $30,000 cash. 4. Paid $2,400 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $54,000. 6. Paid $27,000 cash for other operating expenses. 7. Collected $44,000 cash from accounts receivable Information for 2018 Adjusting Entries 8. Recognized accrued salaries of $3,800 on December 31, 2018. 9. Had $800 of supplies on hand at the end of the accounting periodEvents Affecting the 2019 Accounting Period 1. Acquired $26,000 cash from the issue of common stock. 2. Paid $3,800 cash to settle the salaries payable obligation. 3. Paid $5,400 cash in advance to lease office space. 4. Sold the land that cost $30,000 for $30,000 cash. 5. Received $6,600 cash in advance for services to be performed in the future. 6. Purchased $1,600 of supplies on account during the year. 7. Provided services on account of $38,000. 8. Collected $39,000 cash from accounts receivable. 9. Paid a cash dividend of $5,000 to the stockholders 0. Paid other operating expenses of $25,500 Information for 2019 Adjusting Entries 11. The advance payment for rental of the office space (see Event 3) was made on March 1 for a one-year term. 12. The cash advance for services to be provided in the future was collected on October 1 (see Event 5). The one-year contract started on October 1 13. Had $900 of supplies remaining on hand at the end of the period. 14. Recognized accrued salaries of $4,500 at the end of the accounting period 15. Recognized $1,000 of accrued interest revenue.b-1. Prepare an income statement for 2018 and 2019. b-2. Prepare the statement of changes in stockholders equity for 2018 and 2019. b-3. Prepare the balance sheet for 2018 and 2019. b-4. Prepare the statement of cash flows for 2018 and 2019, using the vertical statements model. Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req B3 Req B4 Prepare an income statement for 2018 and 2019. (Do not round intermediate calculations.) ALCORN SERVICE COMPANY Income Statements For the Years Ended December 31, 2018 and 2019 2018 2019 Total revenue Expenses Total expensesComplete this question by entering your answers in the tabs below. Req B1 Req B2 Req B3 Req B4 Prepare the statement of changes in stockholders equity for 2018 and 2019. ALCORN SERVICE COMPANY Statement of Changes in Stockholders Equity For the Years Ended December 31, 2018 and 2019 2018 2019 Beginning common stock Ending common stock Beginning retained earnings Ending retained earnings Total stockholders equity K Req B1 Req B3 >b-1. Prepare an income statement for 2018 and 2019. b-2. Prepare the statement of changes in stockholders equity for 2018 and 2019. b-3. Prepare the balance sheet for 2018 and 2019. b-4. Prepare the statement of cash flows for 2018 and 2019, using the vertical statements model Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req B3 Req B4 Prepare the balance sheet for 2018 and 2019. ALCORN SERVICE COMPANY Balance Sheets As of December 31, 2018 and 2019 2018 2019 Assets Total assets LiabilitiesReq B1 Req B2 Req B3 Req B4 Prepare the statement of cash flows for 2018 and 2019, using the vertical statements model. (Amounts to be deducted should be indicated with minus sign.) ALCORN SERVICE COMPANY Statements of Cash Flows For the Years Ended December 31, 2018 and 2019 2018 2019 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing acivities Net cash flow from investing activities Cash flows from financing activities Net cash flow from financing activities Net change in cash Ending cash balance

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income statement 2018 2019 $54,000 $ 39,650 $ 1,000 $54,000 40,650 revenue interest revenue total revenue expenses other operating expenses salaries expense supplies expense lease rent total expenses net income $27,000 25,500 3,800 S 1,600$ 1,500 $ 4,500 $32,400 $ 31,500 $21,600 $ 9,150changes in stockholders equit 2018 2019 beginning common stock issue of common stock ending common stock beginning retained earnings net income dividends ending retained earnings total stockholders equit S66,000 $66,000 $ 26,000 $66,000 $ 92,000 $$ 21,600 $21,600 9,150 $ (5,000) $21,600 $ 25,750 $87,600 $117,750balance sheet 2018 2019 assets cash supplies land accounts receivable lease rent in advance accrued interest revenue total assets liabilities accounts payable revenue in advance accrued salaries total liabilites stockholders equit total stockholders equity and liabilities $91,400 $124,300 $50,600 $112,500 $ 800 900 $30,000$ $10,000 9,000 $ 900 $ 1,000 $91,400 124,300 $ 1,600 4,950 3,800$ $ 3,800 6,550 $87,600 $117,750

statement of cash flows 2018 2019 operating net income adjustment for non operating items interest revenue change in operating assets and liabilities supplies accounts receivable accrued salaries accounts payable revenue in advance lease rent in advance accrued interest revenue net from operating investing interest revenue land S21,600$9,150 (1000) 5(800 (100 s (10,000) 1,000 3,800 S 3,800) $ 1,600 $ 4,950 s (900) $ (1,000) 14,6009,900 $ 1,000 $ (30,000) S 30,00o $ (0,000) $ 31,000 net from investing financing issue of common stock dividends S 66.000 S 26,000 s (5,000) net from financing S 66.000 S 2 21,000 net change in cash opening cash ending cash 50,600 61,900 50,600 S 50,600 112,500

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