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The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $38,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $15,400 cash. 3. Earned $21700 in cash revenue. 4. Paid $11,800 cash for salaries expense, 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of five years and an estimated salvage value of $3,400. Use straight-line depreciation. The adjusting entry was made as of December 31. Year 1. Required a. Record the events in general Journal format and post to Taccounts. Complete this question by entering your answers in the tabs below. Req A1 Reg A2 Post the events to T-accounts. Cash Equipment - Cooktop Beginning Balance Beginning Balance Ending Balance Ending Balance Accumulated Depreciation Beginning Balance Common Stock Beginning Balance Ending Palanca Endine Band The following events apply to Gulf Seafood for the Year 1 fiscal year 1. The company started when it acquired $38,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $15,400 cash, 3. Earned $21700 in cash revenue. 4. Paid $11,800 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop, Purchased on January 1. Year 1, the cooktop has an expected useful life of five years and an estimated salvage value of $3,400. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1, b. Prepare a balance sheet and a statement of cash flows for the Year 1 accounting period Complete this question by entering your answers in the tabs below. Reg 31 Reg B2 Prepare a balance sheet for the Year 1 accounting period. (enter amounts to be deducted with a minussion GULF SEAFOOD Balance Sheet As of December 31, Year 1 Assets 0 0 Total Assots Labtes Stockholders equity was made as of December 31. Year 1. b. Prepare a balance sheet and a statement of cash flows for the Year 1 accounting period. Complete this question by entering your answers in the tabs below. Reg B1 Reg B2 2:39 Prepare a statement of cash flows for the Year 1 accounting period. (Enter cash outflows with a minus sign.) GULF SEAFOOD Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities $ 0 Net cash flow from operating activities Cash flows from investing activities nces 0 Net cash flow from investing activities Cash flows from financing activities Net cash flow from financing activities Net change in cash 0 Ending cash balance S 0 ! Required information [The following information applies to the questions displayed below.) The following events apply to Gulf Seafood for the Year 1 fiscal year 1. The company started when it acquired $38.000 cash by Issuing common stock 2. Purchased a new cooktop that cost $15.400 cash, 3. Earned $21700 in cash revenue 4. Pald $11.800 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1 Year the cooktop has an expected useful life of five years and an estimated salvage value of $3,400. Use straight-line depreciation. The adjusting entry was made as of December 31 Year 1 c. What is the net income for Year 1? Not incomo

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