Waddell Company had the

Waddell Company had the following balances in its accounting records as of December 31, 2018: Annet Cash Accounts Receivable Land Totale 55,000 45,000 25

Waddell Company had the following balances in its accounting records as of December 31, 2018: Annet Cash Accounts Receivable Land Totale 55,000 45,000 25.000 $125,000 LIATT. and Eqalty ACCOUNT Payable Comon stock Retained Warnings 22,000 87.600 16.000 $125,000 1 1 Joly The following accounting events apply to Waddell Company’s 2019 fiscal year: Jan. 1 Acquired $40,000 cash from the fasue of common stock reb. Paid $5,100 cash in advance for a one-year lease for office space. MAT Pald a $1,900 cash dividend to the stockholders. April 1 Purchased additional land that cost $25,000 cash. May Received $7,800 cash in advance as a retainer for services to be Made a cash payment on accounts payable of $20,000. perfomed monthly over the coming year, Sept. 1 Sold land for $22,000 cash that had originally cost $22,000. Oct. 1 Purchased $940 of supplies on account. Dee. 31 Earned $65,000 of service revenue on account during the year. 31 Received cash collections from accounts receivable amounting to $63,000. 31 Incurred other operating expenses on account during the year that mounted to $12,000. 31 Recognized accrued salaries expense of $5,000. 31 Had $150 of supplies on hand at the end of the period. 31 The land purchased on April 1 had a market value of $34.000. 31 Recognized $129 of accrued interest revenue. Required Based on the preceding Information, answer the following questions for Waddell Company. All questions pertain to the 2019 financial statements. (Hint Enter Items in general ledger accounts under the accounting equation before answering the questions.) a. What two additional adjusting entries need to be made at the end of the year? b. What amount would Waddell report for land on the balance sheet? c. What amount of net cash flow from operating activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.) d. What amount of rent expense would be reported on the income statement? (Do not round Intermediate calculations.) e. What amount of total liabilities would be reported on the balance sheet? 1. What amount of supplies expense would be reported on the income statement? g. What amount of unearned revenue would be reported on the balance sheet? (Do not round intermediate calculations.) h. What amount of net cash flow from Investing activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.) 1. What amount of total expenses would be reported on the income statement? (Do not round Intermediate calculations.) What total amount of service revenue would be reported on the income statement? (Do not round Intermediate calculations.) k. What amount of cash flows from financing activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.) 1. What amount of net income would be reported on the income statement? (Do not round Intermediate calculations.) m. What amount of retained eamings would be reported on the balance sheet? (Do not round Intermediate calculations.) JO calculation) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Accounting Equation ReqA Req B to M Refer the income statement, cash flow Statement, balance sheet and answer question B to M. b. s 28.000 C. d. IS 03 $ 4,675 $ 23,840 @ IS 790 $ 3.900 @ If Land Net cash flow from operating activities Rent expense Total liabilities Supplies expense Unearned revenue Net cash flow from investing activities Total expenses Service revenue Cash flows from financing activities Net Income 9 h. Is OX S 0 is 47.000 is OS IS 143 800 $ 60,654 k mi Retained earnings Prey

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