Please fill in the charts properly Events Affecting 2014: Adjusted the accounts
ID: 2535782 • Letter: P
Question
Please fill in the charts properly
Events Affecting 2014:
Adjusted the accounts to reflect management’s expectations that uncollectible accounts expense would be $1,900.
Please fill in the charts properly
Events Affecting 2014:
b-1. Prepare an income statement for 2014 MICHELLE'S ACCOUNTING SERVICE Income Statement For the Year Ended December 31, 2014 ervice revenue $ 170,000 Operating expenses Service revenue Salaries expense Uncollectible accounts expense $170,000 (28,000) (1,900) Total operating expenses 140,100 et income b-2. Prepare a balance sheet for 2014 MICHELLE'S ACCOUNTING SERVICE Balance Sheet As of December 31, 2014 Assets Cash Accounts receivable Total assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equityExplanation / Answer
Answers
Service Revenue
$ 1,70,000.00
Operating expenses:
Salaries expenses
$ 28,000.00
Uncollectible account expenses
$ 1,900.00
Total operating expenses
$ 29,900.00
Net Income
$ 1,40,100.00
Assets
Cash
$ 99,500.00
Accounts receivables
$ 42,500.00
Less: Allowances for doubtful accounts
$ 1,900.00
$ 40,600.00
Total Assets
$ 1,40,100.00
Liabilities
$ -
Stockholder's Equity
Common Stock
$ -
Retained earnings
$ 1,40,100.00
Totall stockholders Equity
$ 1,40,100.00
Total Liabilities & Equity
$ 1,40,100.00
Cash Flows from Operating activities
Inflow from Customer
$ 1,27,500.00
Outflow for expenses
$ (28,000.00)
Net Cash flow from Operating activities
$ 99,500.00
Cash flow from Investing activities
$ -
Cash Flow from financing activities
$ -
Net Change in cash
$ 99,500.00
Beginning balance
$ -
Ending cash balance
$ 99,500.00
Service Revenue
$ 1,70,000.00
Operating expenses:
Salaries expenses
$ 28,000.00
Uncollectible account expenses
$ 1,900.00
Total operating expenses
$ 29,900.00
Net Income
$ 1,40,100.00