Fowler Company’s December 31, Year 1 balance sheet showed $1,700 cash,

Fowler Company’s December 31, Year 1 balance sheet showed $1,700 cash, $1,000 common stock, and $700 retained earnings. The company experienced the following event during Year 2.(1)On October 1, collected $1,200 in advance for an agreement to provide office space for one year beginning immediately.Based on this information alone,the Year 2 balance sheet would show $300 of unearned rent revenue.the Year 3 balance sheet would show $900 of rent revenue. the Year 3 income statement would show $900 of rent revenue. the Year 2 income statement would show $300 of unearned rent revenue.eBook & Resources eBook: Prepare financial statements that include deferrals. 9. Required information Hector Company’s December 31, Year 1 balance sheet showed $900 cash, $600 supplies, $500 accounts payable, $400 common stock, and $600 retained earnings. The company experienced the following events during year 2.(1)Purchased $1,200 of supplies on account.  2)Earned $1,800 cash revenue.(3)Paid $1,100 cash to reduce accounts payable created in Event 1 above. (4)  The physical count revealed $200 of supplies on hand at the end of Year 2. Based on this information, the company would report All of the answers are correct.  a $700 net cash inflow from operating activities on the Year 2 statement of cash flows.a $600 balance in the accounts payable account on the Year 2 [balance sheet. a $1,600 supplies expense on the Year 2 income statement.eBook & Resources eBook: Prepare financial statements that include deferrals. 10. Required information Brown Company’s December 31, Year 1 balance sheet showed $1,800 cash, $200 accounts payable, $600 common stock, and $1,000 retained earnings. The company experienced the following events during year 2.(1)On April 1, Year 2 the company paid $1,800 cash to rent office space for the coming year starting immediately.(2)Earned $1,700 cash revenue.(3)Paid a $300 cash dividend. Based on this information, the company would report a $1,050 balance in retained earnings on the Year 2 balance sheet.b All of the answers are correct.$1,350 balance in a prepaid rent account on the Year 2 balance sheet.a $1,700 net cash outflow from operating activities on the Year 2 statement of cash flows.

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