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

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).

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

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

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

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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