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Answered: - Ditto received a $51,500 cash advance on March 1, 2013, fo


Ditto received a $51,500 cash advance on March 1, 2013, for legal services to be performed in the future. Services were to be provided for a one-year term beginning March 1, 2013.

Required:
a.&b.

Record the March 1 cash receipt in T-accounts and the adjustment required as of December 31, 2013.(Round your answers to the nearest dollar amount. Record the transactions in the given order.)

Cash
(Click to select)3/112/31
Unearned Revenue
12/31 ??

3/1 ??

Bal. ??

Bal. ??

Service Revenue

12/31 ??

Fill in ??

c.

Record the preceding transaction and related adjustment in a horizontal statements model like the following one: (Round your answers to the nearest dollar amount. In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NC for net change in cash. Leave no cells blank - be certain to enter "0" and select "NA" wherever required.)

Effect of Transactions on Financial Statements
Balance Sheet Income Statement Cash Flows
Date Assets = Liab. + Equity Rev. ? Exp. = Net Inc.
3/1
12/31 (Click to select)IANCOANAFA
Bal. = + ? = (Click to select)FAIANANCOA

d.

Determine the amount of net income on the 2013 income statement. What is the amount of net cash flow from operating activities for 2013?(Round your answers to the nearest dollar amount. Leave no cells blank - be certain to enter "0" wherever required.)

Revenue $
Expenses
Net income $
Cash flows from operating activities:
Cash received from clients $
Net cash flow from operating activities

$

 


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