Question

The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued 740 Beginning retained earnings (6,400) Cash flow from financing act. 2,500 Rent expense 80,000 Dividends 43,000 Cash 280 Accounts receivable 1,200 Prepaid rent 800 Unearned revenue 7,600 Land 5,600 Accounts payable $ 19,000 (5,300) 2,700 5,500 12,100 19,000 4,800 6,400 36,000 16,020 Required Use the accounts and balances from Barker Company to construct an income statement statement of changes in stockholders' equity. balance sheet, and statement of cash flows (show only totals for each activity on the statement of cash flows). Complete this question by entering your answers in the tabs below. Income Statement SE Balance Sheet Stmt of Cash Flows Use the accounts and balances from Barker Company to construct an income statement. BARKER COMPANY Income Statement For the Year Ended December 31, 2018 Revenue

Answer 1

1.)	Income Statement		Amount $
	Revenue
	Service Revenue	80,000
	Total Revenue		80,000
	Expenses
	Other operating expenses	43,000
	Supplies Expense	280
	Insurance expense	1,200
	Rent Expense	2,700
	Total Expenses		47,180
	Net Income		32,820
2.)			Amount $
	Beginning Common Stock	800
	Add: Common Stock issued	5,600
	Ending Common Stock		6,400
	Beginning retained earnings	19,000
	Add: Net Income	32,820
	Less: Dividends	5,500
	Ending retained earnings		46,320
	Total Stockholder's Equity		52,720
3.)	Balance Sheet		Amount $
	Assets
	Cash	12,100
	Supplies	740
	Prepaid Insurance	2,500
	Accounts receivable	19,000
	Prepaid rent	4,800
	Land	36,000
	Total Assets		75,140
	Liabilities
	Accounts payable	16,020
	Unearned revenue	6,400
	Total Liabilities		22,420
	Stockholder's Equity
	Common Stock	6,400
	Retained earnings	46,320
	Total Stockholder's Equity		52,720
	Total liabilities & Stockholder's Equity		75,140
4.)	Statement of Cash Flow	Amount $
	Cash Flow from operating activities	7,600
	Cash Flow from Investing activities	-6,400
	Cash Flow from financing activities	-5,300
	Net Change in Cash	-4,100
	Beginning Cash Balance	16,200
	Ending Cash balance	12,100