Could you please helpMe with this question? Cordell Inc. expertenced the following events In Year 1, Its first year of operation:1. Recelved $40,000 cash from the Issue of common stock.2 Performed services on account for $82,000.3. Pald a $6,000 cash divdend to the stockholders.4. Collected $76,000 of the accounts recetvable.5. Pald $53.000 cash for other operating expenses.6. Performed services for $19,000 cash.7. Recognized $3,500 of accrued utilities expense at the end of the year.Requireda. & c. Identify the events that result In revenue or expense recognition and those which affect the statement of cash flows. In theStatement of Cash Flows column, use OA to deslgnate operating activity., FA for financing activity, or IA for Investing activity. If theelement Is not affected by the event, leave the cell blank.b. Based on your response to Requirement a, determine the amount of net Income reported on the Year 1 Income statement.d. Based on your response to Requirement c, determlne the amount of cash flow from operating activitles reported on the Year 1statement of cash flows.e. What Is the before- and after-closing balance in the service revenue account?f. What Is the balance of the retalned earnings account that appears on the Year 1 balance sheet?Complete this question by entering your answers in the tabs below.Req B and D toReg A and CBased on your response to Requirement a and c, determine the amount of net income, cash flow from operatingactivities, before- and after-closing balance in the service revenue account and balance of the Retained Earningsaccount reported on the Year 1.b. Net incomed. Net cash flow from operating activitiese. Before-closing balanceAfter-olosing balancef. Balance of retained earnings< Req A and C< Prev5 of 12Next> work (LOs 1-4)1 Received S40.000 cash from the issue of common stock.2 Performed services on occount for $82,000.3. Paid a $6,000 cash dividend to the stockholders.4 Collected $76,000 of the occounts receivable.5. Poid $53,000 cash for other operating expenses.6. Performed services for $19.000 cash.7. Recognized $3,500 of occrued utilities expense ot the end of the yeor.Requireda. &c Identify the events that result in revenue or expense recognition and those which affect the stotement of cash flows. In theStotement of Cosh Rows column, use OA to designate operating activity, FA for financing activity, or IA for investing activity. If theelement is not affected by the event, leove the cell blonkb. Bosed on your response to Requirement a, determine the amount of net income reported on the Year 1 income staternentd. Bosed on your response to Requirement c determine the amount of cash flow from operating activities reported on the Year 1statement of cosh flows.e What is the before- and after-closing balance in the service revenue account?f. What is the balonce of the retoined earnings acount that oppears on the Year 1 balance sheet?Complete this question by entering your answers in the tabs below.Reg B and D boReg A and CIdentify the events that result in revenue or expense recognition and those which affect the statement of cash flows. Inthe Statement of Cash Flows column, use O4 to designate operating activity, FA for financing activity, or IA for investingactivity. If the element is not affected by the event, leave the cell blank. (Enter cash outflows with a minus sign. Not alcells require input.)Expensestatement of Cash FlowsEventRevenue1.2.3.4.5.6.7.Rég Band D to F

a. & c. Identfy the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity. FA for financing activity, or IA for Investing activity. If the element Is not affected by the event, leave the cell blank. b. Based on your response to Requirement a, determlne the amount of net Income reported on the Year 1 Income statement. d. Based on your response to Requirement c, determlne the amount of cash flow from operating activitles reported on the Year 1 statement of cash flows. e. What Is the before- and after-closing balance In the service revenue account? f. What Is the balance of the retalned earnings account that appears on the Year 1 balance sheet?

a. & c. Identfy the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity. FA for financing activity, or IA for Investing activity. If the element Is not affected by the event, leave the cell blank. b. Based on your response to Requirement a, determlne the amount of net Income reported on the Year 1 Income statement. d. Based on your response to Requirement c, determlne the amount of cash flow from operating activitles reported on the Year 1 statement of cash flows. e. What Is the before- and after-closing balance In the service revenue account? f. What Is the balance of the retalned earnings account that appears on the Year 1 balance sheet?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2PB: To demonstrate the difference between cash account activity and accrual basis profits (net income),...

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