Yard Professionals Inc. experienced the following events in Year 1, its first year of operation 1 Performed 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. Required Based on this information alone: a Record the events under an accounting equation. 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? O Answer is not complete. Complete this question by entering your answers in the tabs below. Req B3 CF Req B1 Inc Stmt Reg B2 Bal Sheet Reg A Reg Cand D Stmt What is the balance in the Supplies account as of January 1, Year 2? What is the balance in the Supplies Expense account as of January 1, Year 2? C. Supples expense < Req 83 CF Stmt

Yard Professionals Inc. experienced the following events in Year 1, its first year of operation 1 Performed 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. Required Based on this information alone: a Record the events under an accounting equation. 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? O Answer is not complete. Complete this question by entering your answers in the tabs below. Req B3 CF Req B1 Inc Stmt Reg B2 Bal Sheet Reg A Reg Cand D Stmt What is the balance in the Supplies account as of January 1, Year 2? What is the balance in the Supplies Expense account as of January 1, Year 2? C. Supples expense < Req 83 CF Stmt

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 38E: Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on...

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