Question

Adjustment data for Ms. Ellen's Laundry Inc. for the year ended December 31, 20Y8, are as follows:

1. Wages accrued but not paid at December 31, $2,150
2. Depreciation of equipment during the year, $12,500
3. Laundry supplies on hand at December 31, $1,500
4. Insurance premiums expired, $4,600

Instructions:

1. Record the adjustment transactions using the integrated financial statement framework. If an amount box does not require an entry, leave it blank. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments.

Statement of Cash Flows Balance Sheet Income Statement Assets = Liabilities + Stockholders' Equity Cash + Laundry Supplies + Prepaid Insurance + Laundry Equipment - Accumulated Depreciation = Accounts Payable + Wages Payable + Common Stock + Retained Earnings Balances, December 31, 20Y8 53,000 9,000 6,000 250,000 -65,000 7,000 0 50,000 196,000 December 31. (a) (a) December 31. (b) (b) December 31. (c) (c) December 31. (d) (d) Balances, December 31, 20Y8 Statement of Cash Flows Income Statement Operating (Revenues) $275,000 Laundry revenue $275,000 Financing (Common Stock) 25,000 Wages expense -110,000 Operating (Expenses) -200,000 Rent expense -30,000 Investing (Equipment) -50,000 Utilities expense -18,000 Financing (Dividends) -15,000 Misc. expense -7,500 Net increase in cash $35,000 (a). December 31 Beginning cash balance, January 1, 20Y8 18,000 (b). December 31 Ending cash balance, December 31, 20Y8 $53,000 (c). December 31 (d). December 31 $

2. Prepare an income statement for the year ended December 31, 20Y8.

Ms. Ellen's Laundry Inc.
Income Statement
For the Year Ended December 31, 20Y8
		$
Operating expenses:
	$
Total operating expenses
		$

Prepare statement of stockholders’ equity for the year ended December 31, 20Y8. The common stock balance as of January 1, 20Y8, was $25,000. The retained earnings balance as of January 1, 20Y8, was $101,500. If an amount box does not require an entry, leave it blank.

Ms. Ellen's Laundry Inc.
Statement of Stockholders’ Equity
For the Year Ended December 31, 20Y8
	Common Stock	Retained Earnings	Total
	$	$	$
	$	$	$

3. Prepare a classified balance sheet as of December 31, 20Y8.

Ms. Ellen's Laundry Inc.
Balance Sheet
December 31, 20Y8
Assets
Current assets:
	$
Total current assets		$
Property, plant, and equipment:
	$
Total assets		$
Liabilities
Current liabilities:
	$
Total liabilities		$
Stockholders' Equity
	$
Total stockholders' equity
Total liabilities and stockholders' equity		$

4. Prepare a statement of cash flows for the year ended December 31, 20Y8. Use the minus sign to indicate cash out flows, decreases in cash, or cash payments.

Ms. Ellen's Laundry Inc.
Statement of Cash Flows
For the Year Ended December 31, 20Y8
Cash flows from operating activities:
	$
		$
Cash flows from investing activities:
Cash flows from financing activities:
	$
		$
		$

Answer 1

1. Accounting Equation -

2. Journal Voucher -

3. Income Statement -

4. Balance Sheet -

5. Statement of Cash Flow -