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Andrei [34K]
3 years ago
12

Yard Designs (YD) experienced the following events in 2018, its first year of operation:

Business
1 answer:
Natasha_Volkova [10]3 years ago
5 0

Answer:

a)

    assets                            =            liabilities              +         equity

    cash                                      deferred revenue             retained earnings

1)   $40,800                               $40,800

<u>2)   $0                                         -$,6800                              $6,800                 </u>

    $40,800                               $34,000                              $6,800

     revenues           -          expenses     =         net income         cash flows

1)       $0                                  $0                            $0                   $40,800 OA

<u>2)   $6,800                             $0                        $6,800                   $0       OA</u>

     $6,800                             $0                        $6,800                $40,800 NC

b) Yard Designs

Income Statement

For the year ended December 31, 2018

Revenues           $6,800

<u>Expenses               $0     </u>

Net income        $,6800

Yard Designs

Balance Sheet

For the year ended December 31, 2018

Assets:

Cash $40,800

Total assets                                 $40,800

Liabilities:

Deferred revenue $34,000

Equity:

Retained earnings $6,800

Total liabilities and equity             $40,800

Yard Designs

Statement of Cash Flows

For the year ended December 31, 2018

Cash flows from operating activities:

Net income                                         $6,800

Adjustments to net income:

  • Increase in deferred revenue <u>$34,000</u>

Net cash flow from operating act.   $40,800

Cash flows from investing activities:       $0

Cash flows from financing activities:       $0

Net increase in cash                         $40,800

Initial cash balance                           <u>          $0</u>

Ending cash balance                        $40,800

c) $34,000

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Answer:

The beginning part of the question is found below:

The City of Monroe Scholarship Foundation private-purpose trust fund had the following account balances on January 1, 2017:

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Cash                                             $49,500

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Explanation:

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Answer:

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A multi-step income statement uses multiple calculations to determine the company's net income, therefore, it is more detailed than single step income statements. In this case, the accounts included were really few, so the income statement is relatively simple.

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