Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $45,000 cash from the issue of common stock.
Performed services on account for $73,000.
Paid a $4,500 cash dividend to the stockholders.
Collected $51,000 of the accounts receivable.
Paid $45,000 cash for other operating expenses.
Performed services for $11,000 cash.
Recognized $1,500 of accrued utilities expense at the end of the year.
Required
a. & c. Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, IA for investing activity and NA to indicate the element is not affected by the event. (Enter any decreases to account balances and cash outflows with a minus sign.)

Received $45,000 cash from the issue of common stock.

Revenue   Expenses  Statement of Cash-flow

       -                 -               $45,000           FA

Performed services on account for $73,000.

Revenue   Expenses  Statement of Cash-flow

$73,000           -                   NA                NA

Paid a $4,500 cash dividend to the stockholders.

Revenue   Expenses  Statement of Cash-flow

     -                  -               -$4,500             IA

Collected $51,000 of the accounts receivable.

Revenue   Expenses  Statement of Cash-flow

      -                  -                $51,000          OA

Paid $45,000 cash for other operating expenses.

Revenue   Expenses  Statement of Cash-flow

      -           $45,000        -$45,000         OA

Performed services for $11,000 cash.

Revenue   Expenses  Statement of Cash-flow

$11,000             -                   -                     OA

Recognized $1,500 of accrued utilities expense at the end of the year.

Revenue   Expenses  Statement of Cash-flow

      -             $1,500             -                      NA

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