3 Review Assignment6 Help Save & Exit Submit Check my work Hart. Attorney at Law

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3 Review Assignment6 Help Save & Exit Submit Check my work Hart. Attorney at Law, experienced the following transactions in Year 1, the first year of operations 1 Accepted $19.500 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months 2 Performed legal services for cash of $69500 3. Purchased $1350 of office supplies on account Paid $1215 of the amount due on accounts payable. 5 Paid a cash dividend to the stockholders of $5,400o 6. Paid cash for operating expenses of $21,800 7 Determined that at the end of the accounting period $125 of office supplies remained on hand On December 31, Year 1 Required events on the financial statements using a horizontal statements model like the following one. In the Statement of Cash Flows column, use the initials OA so designate operating change in cash and NA to indicate accounts not affected by the event. The first event has been recorded as an e round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus s xample. (Do not gn Effect of Transactions on the Financial Statements for Year 1 RevenueExpense Net Income Statement of Retained

Explanation / Answer

Solution:

Hart, Attorney at Law Effect of transactions on the financial statements for year 1 Transaction Balance Sheet = Liabilities + Stockholder's Equity Income Statement Statement of cash flows Cash + Supplies = Accounts payable + Unearned revenue + Retained Earnings Revenue - Expense = Net Income 1 $19,500.00 $19,500.00 $19,500.00 OA 2 $69,500.00 $69,500.00 $69,500.00 $69,500.00 $69,500.00 OA 3 $1,350.00 $1,350.00 NA 4 -$1,215.00 -$1,215.00 -$1,215.00 OA 5 -$5,400.00 -$5,400.00 -$5,400.00 FA 6 -$21,800.00 -$21,800.00 $21,800.00 -$21,800.00 -$21,800.00 OA 7 -$1,225.00 -$1,225.00 $1,225.00 -$1,225.00 NA 8 -$14,625.00 $14,625.00 $14,625.00 $14,625.00 NA Total $60,585.00 $125.00 $135.00 $4,875.00 $55,700.00 $84,125.00 $23,025.00 $61,100.00 $60,585.00 NC

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