Reference no: EM13140483
Complete the following exercise.
Washington Co. began operations on January 1, 2011, by issuing $10,000 in common stock to the stockholders. On April 1, 2011, Link accepted an advance of $18,000 to provide services for a one-year period beginning April 1. During 2011, services in the amount of $16,000 were provided to customers on account, and 75% of this amount was collected by year-end. During 2011, expenses incurred on account were $12,000, and 60% of this amount was paid by year-end. During the year, Washington paid $600 to purchase supplies. By year-end, $480 of the supplies had been used. Dividends to stockholders were $1,000 during the year. During 2011, Washington paid salaries of $14,000, and on December 31, 2011, the company accrued salaries of $1,200.
Required:
1) What would Washington report for service revenue for 2011?
2) What would Washington report for salaries expense for 2011?
3) What would Washington report for supplies expense for 2011?
4) What would the amount be for net cash flows from operating activities for 2011?
5) What is the net income for 2011?
6) What would the balance in the retained earnings account be at December 31, 2011?
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