Question

i understand it a little but but please help me fill in the blanks? i filed in what i thought to be correct

Required information Problem 3-32A Comprehensive problem: single cycle LO 3-1, 3-2, 3-3, 3-4 [The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $45,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $24,000 cash. Apr. 10 Purchased $3,200 of supplies on account. July 1 Received $24,000 cash in advance for services to be provided over the next year. 20 Paid $1,500 of the accounts payable from April 10. Aug. 15 Billed a customer $18,000 for services provided during August. Sept. 15 Completed a job and received $8,400 cash for services rendered. Oct. 1 Paid employee salaries of $12,000 cash. 15 Received $15,000 cash from accounts receivable. Nov. 16 Billed customers $42,000 for services rendered on account. Dec. 1 Paid a dividend of $15,000 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $3,600 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; $280 was on hand at the end of the period.

Answer 1

Please hit LIKE button if this helped. Income Statement: $ 80,400 Service Revenue Less: Expenses: Salaries Expense Rent Expense Supplies Expense Total Expenses Net Income $ $ $ 15,600 11,000 2,920 $ -29,520 50,880 $ Statement of Changes in Stockholders' Equity Beginning Common Stock Plus: Stock Issued Ending Common Stock $ $ 45,000 $ 45,000 Beginning Retained Earnings Plus: Net Income Less: Dividends Ending Retained Earnings Total Stockholders' Equity $ $ $ 50,880 - 15,000 $ 35,880 80,880 $ Smith Training Company Balance Sheet Assets Cash Accounts Receivable Prepaid Rent Supplies Total Assets $ $ $ $ 39,900 45,000 13,000 280 $ 98,180 Liabilities Accounts Payable Unearned Revenue Salaries Payable Total Liabilities $ $ $ 1,700 12,000 3,600 $ 17,300 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity $ $ 45,000 35,880 $ 80,880 Total Liabilities and Stockholders' Equity $ 98,180

Smith Training Company Statement of Cash Flows Cash Flows From Operating Activities: Received cash from Customers* Paid cash for Expenses** Net Cash Flow from Operating Activities $ $ 47,400 -37,500 $ 9,900 Cash Flows From Investing Activities $ 45,000 Cash Flows From Financing Activities: Received cash from Stock Issue Paid cash for Dividends Net Cash Flow from Financing Activities $ $ -15,000 $ 30,000 $ Net Change in Cash Plus: Beginning Cash Balance Ending Cash Balance 39,900 0 39,900 $ *(7/1) $24,000 + (9/15) $8,400 + (10/15) $15,000 = $47,400 **(2/1) $24,000 + (7/20) $1,500 + (10/1) $12,000 = $37,500