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3 years ago

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:

assets = liabilities + equity

cash deferred revenue retained earnings

1) $40,800 $40,800

2) $0 -$,6800 $6,800

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

revenues - expenses = net income cash flows

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

2) $6,800 $0 $6,800 $0 OA

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

b) Yard Designs

Income Statement

For the year ended December 31, 2018

Revenues $6,800

Expenses $0

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 $34,000

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 $0

Ending cash balance $40,800

c) $34,000

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