Answer Happy

Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $24,500 cash. 2. Purchased $4,600 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,030 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 peric 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?
Event YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation Assets 1. Provided service 2. Purchased supplies 3. Used supplies Totals Cash 0 = Liabilities + Accounts Payable Supplies = 11 11111 0= + + + 01 + Stockholders' Equity Retained Earnings
Stmt Prepare an income statement for the Year 1 Sheet YARD PROFESSIONALS INC. Income Statement For the Year Ended December 31, Year 1 $ LA
Assets Total assets Liabilities YARD PROFESSIONALS INC. Balance Sheet As of December 31, Year 1 Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ $ $ 0 0 0 0
YARD PROFESSIONALS 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
c. Supplies d. Supplies expense