Question

In: Accounting

6. The following accounts and balances were drawn from the records of Barker Company at December...

6.

The following accounts and balances were drawn from the records of Barker Company at December 31, 2018:

Supplies $ 820 Beginning retained earnings $ 20,000
Cash flow from investing act. (6,400 ) Cash flow from financing act. (5,300 )
Prepaid insurance 2,500 Rent expense 2,300
Service revenue 80,000 Dividends 5,200
Other operating expenses 43,000 Cash 11,900
Supplies expense 230 Accounts receivable 20,000
Insurance expense 1,000 Prepaid rent 4,800
Beginning common stock 1,000 Unearned revenue 6,400
Cash flow from operating act. 7,600 Land 37,000
Common stock issued 5,400 Accounts payable 15,950

Required

Use the accounts and balances from Barker Company to construct an income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows (show only totals for each activity on the statement of cash flows).

1

BARKER COMPANY
Income Statement
For the Year Ended December 31, 2018
Revenue
not attempted not attempted
not attempted not attempted
Total revenue $0
Expenses
not attempted not attempted
not attempted not attempted
not attempted not attempted
not attempted not attempted
not attempted not attempted
Total expenses 0
not attempted $0

2

BARKER COMPANY
Statement of Changes in Stockholders’ Equity
For the Year Ended December 31, 2018
Beginning common stock not attempted
not attempted not attempted
Ending common stock $0
Beginning retained earnings not attempted
not attempted not attempted
not attempted not attempted
Ending retained earnings 0
Total stockholders’ equity $0

3

BARKER COMPANY
Balance Sheet
As of December 31, 2018
Assets
not attempted not attempted
not attempted not attempted
not attempted not attempted
not attempted not attempted
not attempted not attempted
not attempted not attempted
not attempted not attempted
Total assets $0
Liabilities
not attempted not attempted
not attempted not attempted
not attempted not attempted
Total liabilities $0
Stockholders’ Equity
not attempted not attempted
not attempted not attempted
not attempted not attempted
Total stockholders’ equity 0
Total liabilities and stockholders’ equity $0

4

BARKER COMPANY
Statement of Cash Flows
For the Year Ended December 31, 2018
Cash flow from operating activities not attempted
Cash flow from investing activities not attempted
Cash flow from financing activities not attempted
Net change in cash (4,100)
not attempted not attempted
Ending cash balance $11,900

Solutions

Expert Solution

BARKER COMPANY
Income Statement
For the Year Ended December 31, 2018
Revenue
Service revenue 80000
Total revenue $80,000
Expenses
Rent expense 2300
Insurance expense 1000
Supplies expense 230
Other operating expenses 43000
Total expenses 46530
Net Income $33,470
BARKER COMPANY
Statement of Changes in Stockholders’ Equity
For the Year Ended December 31, 2018
Beginning common stock 1000
Common stock issued 5400
Ending common stock $6,400
Beginning retained earnings 20000
Net Income $33,470
Dividends -5200
Ending retained earnings 48270
Total stockholders’ equity $54,670
BARKER COMPANY
Balance Sheet
As of December 31, 2018
Assets
Cash 11900
Accounts receivable 20000
Prepaid insurance 2500
Supplies 820
Prepaid rent 4800
Land 37000
Total assets $77,020
Liabilities
Unearned revenue 6400
Accounts payable 15950
Total liabilities $22,350
Stockholders’ Equity
Common Stock $6,400
Retained earning 48270
Total stockholders’ equity $54,670
Total liabilities and stockholders’ equity $77,020
BARKER COMPANY
Statement of Cash Flows
For the Year Ended December 31, 2018
Cash flow from operating activities 7600
Cash flow from investing activities -6400
Cash flow from financing activities -5300
Net change in cash -4,100
Beginning Cash Balance $16,000
Ending cash balance $11,900

ekkarill92 answered 1 year ago
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