Oaks Company had the following balances in its accountingrecords as of December 31, 2009: Assets Claims Cash $61,000Accounts Payable $25,000 Accounts Receivable 45,000 Common Stock90,000 Land 27,000 Retained Earnings 18,000 Totals $133,000$133,000 The following accounting events apply to Oaksâs 2010fiscal year: Jan. 1 Acquired an additional $70,000 cash from theissue of common stock. April 1 Paid $6,600 cash in advance for aone-year lease for office space. June 1 Paid a $3,000 cash dividendto the stockholders. July 1 Purchased additional land that cost$25,000 cash. Aug. 1 Made a cash payment on accounts payable of$13,000. Sept. 1 Received $8,400 cash in advance as a retainer forservices to be performed monthly during the next eight months.Sept. 30 Sold land for $15,000 cash that had originally cost$15,000. Oct. 1 Purchased $900 of supplies on account. Dec. 31Earned $80,000 of service revenue on account during the year. 31Received $66,000 cash collections from accounts receivable. 31Incurred $16,000 other operating expenses on account during theyear. 31 Recognized accrued salaries expense of $5,000. 31 Had $250of supplies on hand at the end of the period. 31 The land purchasedon July 1 had a market value of $28,000. Required: Based on thepreceding information, answer the following questions. Allquestions pertain to the 2010 financial statements. (Hint: Recordthe events in general ledger accounts under an accounting equationbefore answering the questions.)
a. What two additional adjusting entries need to be made at theend of the year?
b. What amount would be reported for land on the balancesheet?
c. What amount of net cash flow from operating activities wouldOaks report on the statement of cash flows?
d. What amount of rent expense would Oaks report in the incomestatement?
e. What amount of total liabilities would Oaks report on thebalance sheet?
f. What amount of supplies expense would Oaks report on theincome statement?
g. What amount of unearned revenue would Oaks report on thebalance sheet?
h. What amount of net cash flow from investing activities wouldOaks report on the statement of cash flows?
i. What amount of total expenses would Oaks report on the incomestatement?
j. What total amount of service revenues would Oaks report onthe income statement? k. What amount of cash flows from financingactivities would Oaks report on the statement of cash flows?
l. What amount of net income would Oaks report on the incomestatement?
m. What amount of retained earnings would Oaks report on thebalance sheet? PLEASE ANSWER (A TO M ) ASAP
Oaks Company had the following balances in its accountingrecords as of December 31, 2009: Assets Claims Cash $61,000Accounts Payable $25,000 Accounts Receivable 45,000 Common Stock90,000 Land 27,000 Retained Earnings 18,000 Totals $133,000$133,000 The following accounting events apply to Oaksâs 2010fiscal year: Jan. 1 Acquired an additional $70,000 cash from theissue of common stock. April 1 Paid $6,600 cash in advance for aone-year lease for office space. June 1 Paid a $3,000 cash dividendto the stockholders. July 1 Purchased additional land that cost$25,000 cash. Aug. 1 Made a cash payment on accounts payable of$13,000. Sept. 1 Received $8,400 cash in advance as a retainer forservices to be performed monthly during the next eight months.Sept. 30 Sold land for $15,000 cash that had originally cost$15,000. Oct. 1 Purchased $900 of supplies on account. Dec. 31Earned $80,000 of service revenue on account during the year. 31Received $66,000 cash collections from accounts receivable. 31Incurred $16,000 other operating expenses on account during theyear. 31 Recognized accrued salaries expense of $5,000. 31 Had $250of supplies on hand at the end of the period. 31 The land purchasedon July 1 had a market value of $28,000. Required: Based on thepreceding information, answer the following questions. Allquestions pertain to the 2010 financial statements. (Hint: Recordthe events in general ledger accounts under an accounting equationbefore answering the questions.)
a. What two additional adjusting entries need to be made at theend of the year?
b. What amount would be reported for land on the balancesheet?
c. What amount of net cash flow from operating activities wouldOaks report on the statement of cash flows?
d. What amount of rent expense would Oaks report in the incomestatement?
e. What amount of total liabilities would Oaks report on thebalance sheet?
f. What amount of supplies expense would Oaks report on theincome statement?
g. What amount of unearned revenue would Oaks report on thebalance sheet?
h. What amount of net cash flow from investing activities wouldOaks report on the statement of cash flows?
i. What amount of total expenses would Oaks report on the incomestatement?
j. What total amount of service revenues would Oaks report onthe income statement? k. What amount of cash flows from financingactivities would Oaks report on the statement of cash flows?
l. What amount of net income would Oaks report on the incomestatement?
m. What amount of retained earnings would Oaks report on thebalance sheet? PLEASE ANSWER (A TO M ) ASAP
