Record the events under an accounting equation. Prepare an income statement, balance sheet, and statement of cash flows

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Record The Events Under An Accounting Equation Prepare An Income Statement Balance Sheet And Statement Of Cash Flows 1 (12.13 KiB) Viewed 16 times

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Record the events under an accounting equation. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2? Complete this question by entering your answers in the tabs below.
LIFE, INC. Effect of Events on the Accounting Equation Assets Event 1. Performed counseling services 2. Prepaid rent 3. Used rent Totals Cash 0 Prepaid Rent 0 = 11 11 ||||| Stockholders' Equity Retained Earnings 0
LIFE, INC. Income Statement For the Year Ended December 31, Year 1 $ 0
Assets LIFE, INC. Balance Sheet As of December 31, Year 1 Total assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ $ $ 0 0
LIFE, INC. Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance $ $ GA 0 0 0
Rent expense to be recognized in Year 2
Lilé, Inc., experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $26,800 cash. 2. On February 1, Year 1. paid $18,600 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. 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. Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2?