Reference no: EM131804665
Waddell Company had the following balances in its accounting records as of December 31, 2015:
Assets Liabilities and Equity
Cash $ 53,000 Accounts Payable $22,000
Accounts Receivable 45,000 Common Stock 95,000
Land 29,000 Retained Earnings 10,000
Total $127,000 Total $127,000
The following accounting events apply to Waddell Company's 2016 fiscal year:
Jan. 1 Acquired $46,000 cash from the issue of common stock.
Feb. 1 Paid $5,700 cash in advance for a one-year lease for office space. The rent will be expensed from April 1.
Mar. 1 Paid a $2,300 cash dividend to the stockholders.
April 1 Purchased additional land that cost $29,000 cash.
May 1 Made a cash payment on accounts payable of $17,000.
July 1 Received $8,400 cash in advance as a retainer for services to be performed monthly over the coming year.
Sept. 1 Sold land for $22,000 cash that had originally cost $22,000.
Oct. 1 Purchased $1,190 of supplies on account.
Dec. 31 Earned $56,000 of service revenue on account during the year.
31 Received cash collections from accounts receivable amounting to $56,000.
31 Incurred other operating expenses on account during the year that amounted to $13,000.
31 Recognized accrued salaries expense of $5,100.
31 Had $180 of supplies on hand at the end of the period.
31 The land purchased on April 1 had a market value of $44,000.
31 Recognized $128 of accrued interest revenue
b. What amount would Waddell report for land on the balance sheet?
What amount of net cash flow from operating activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.)
d. What amount of rent expense would be reported on the income statement? (Do not round intermediate calculations.)
e. What amount of total liabilities would be reported on the balance sheet?