Pretty Pictures works weddings and prom-type parties. The balance of Retained Earnings was $20,000 at December 31, 2017. At December 31, 2018, the business’s accounting records show these balances: Insurance Expense $ 6,000 Accounts Receivable $ 5,000 Cash 42,000 Notes Payable 10,000 Accounts Payable 13,000 Retained Earnings, Dec. 31, 2018 ? Advertising Expense 4,500 Salaries Expense 30,000 Service Revenue 115,000 Equipment 85,500 Dividends 13,000 Common Stock 28,000 Prepare the following financial statements for Pretty Pictures for the year ended December 31, 2018: a. Income statement. b. Statement of retained earnings. c. Balance sheet. Show
Can I get some help filling out this financial statement? Thank you very much!  Transcribed Image Text:The Mandalorian Company's (Mando) accounting records showed the following balances as of December 31, Year 1: Liabilities and Equity Accounts Payable Assets $ 47,000 $ 28,000 77,000 13,000 Cash Accounts Receivable 46,000 Common Stock Land 25,000 Retained Earnings Totals $118,000 $118,000 The Mandalorian Company recorded the following accounting events in fiscal year 2: Acquired $54,000 cash from the issue of common stock. Paid $5,100 cash in advance for a one-year lease for office space. Paid a $1,800 cash dividend to the stockholders. Purchased additional land that cost $25,000 cash. Made a cash payment on accounts payable of $21,000. Received $8,800 cash in advance as a retaineN for services to be performed monthly over the coming year. Sold land for $21,000 cash that had originally cost $21, 000. Jan. 1. Feb. 1. Mar. 1 April 1 May July 1 Sept. 1 Oct. Purchased $910 of supplies on account. Earned $55,000 of service revenue on account during the year. Received cash collections from accounts receivable amounting to $53,000. Incurred other operating expenses on account during the year that amounted to $12,000. Recognized accrued salaries expense of $4,200. Had $140 of supplies on hand at the end of the period. The land purchased on April 1 had a market value of $34,000. Dec. 31 31 31 31 31 31 31 Recognized $124 of accrued interest revenue. Required Show the effects of the events on the financial statements using the following horizontal statements model. All questions pertain to the Year 2 financial statements. a. What two additional adjusting entries need to be made at the end of the year? b. What amount would Mando 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? d. What amount of rent expense would be reported on the income statement? e. What amount of total liabilities would be reported on the balance sheet? f. 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? h. What amount of net cash flow from Investing activities would be reported on the statement of cash flows? i. What amount of total expenses would be reported on the income statement? Transcribed Image Text:Accounting Equation Reg A Reg B to M Show the effects of the events on the financial statements using the following horizontal statements model. All questions pertain to the Year 2 financial sta decreases to account balances with a minus sign. Not all cells require input.) Do n THE MANDALORIAN COMPANY Accounting Equation Assets Liabilities Stockholders' Equity %3D Date Accounts Interest Receivable Salaries Payable Accounts Unearned Revenue Cash Common Retained Earnings Receivable Prepaid Rent Supplies Land %3D 55 Payable Stock Bal. %3D + Jan 1 %3! Feb. 1 %3D + Mar. 1 %3D April 1 May 1 July 1 Sept.1 %3D + %3D %3D %3D Oct. 1 Dec. 31 Dec. 31 Dec. 31 Dec. 31 %3! Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Bal Req A >
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Learn more about this topic, accounting and related others by exploring similar questions and additional content below. Recommended textbooks for you FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. 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Which of the following accounts would not appear on a balance sheet?Neither Service Revenue nor Unearned Revenue would appear on a balance sheet.
How does retained earnings work?Retained earnings are the amount of profit a company has left over after paying all its direct costs, indirect costs, income taxes and its dividends to shareholders. This represents the portion of the company's equity that can be used, for instance, to invest in new equipment, R&D, and marketing.
What is the net income that will be shown on Carolinas year 1 income statement?The amount of net income shown on Carolina's Year 1 income statement would amount to: $1,000.
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Prior to closing the accounts, syracuse companys accounting records showed the following balances:
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