B. Prepare an income statement, balance sheet, and statement of cash flows for t

Question

B. Prepare an income statement, balance sheet, and statement of cash flows for the year 1 accounting period?
C. What is the balance in the supplies account as of January 1, year 2?
D. What is the balance in the supplies expense account as of January 1, year 2? services for $35,000 cash. 2. Purchased $6,000 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,800 of supplies on hand. a. Record the events in general ledger accounts under an accounting equation. (Enter any decreases to account balances with a minus sign.) ssi Liabilities Stockholders Cash

Explanation / Answer

Solution a:

Solution b:

Solution c:

balance in the supplies account as of January 1, year 2 = $1,800

Solution d:

balance in the supplies expense account as of January 1, year 2 will be zero as same will be closed to income summary at the end of year 1

Yard Professional Inc. Effect of events on accounting equation for Year 1 Event Assets = Liabilities + Stockholder's Equity Cash Supplies = Accounts Payable + Retained Earnings 1 $35,000.00 = + $35,000.00 2 $6,000.00 = $6,000.00 + 3 -$4,200.00 = + -$4,200.00 Total $35,000.00 $1,800.00 = $6,000.00 + $30,800.00

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