HC IHIUT CVCHIS OPTy w LCWS OHUIGICI, PUUIL OLLULIT HIT, IUI UIC ICOI OLLUTY CHIVU. 1. Performed $70,000 of services for clients on account 2. Performed $40,000 of services for cash. 3. Incurred $36,000 of other operating expenses on account 4. Paid $10,000 cash to an employee’for salary 5. Collected $47.000 cash from accounts receivable. 6. Paid $16,000 cash on accounts payable. 7. Paid a $8,000 cash dividend to the stockholders. 8. Accrued salaries were $2,000 at the end of Year 1. Required a. Show the effects on the financial statements using the following horizontal statements model. In the cash flow column, use OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change. If the element is not affected by the event, leave the cell blank. The first transaction is shown as an example. b. What is the amount of total assets at the end of Year 1? c. What is the balance of accounts receivable at the end of Year 1? d. What is the balance of accounts payable at the end of Year 1? 1. What is net income for Year 1? g. What is the amount of net cash flow from operating activities for Year 17 Show the effects on the financial statements using the following horizontal statements model. In the cash flow column, use UATO designate operating financing activity, or NC for net change. If the element is not affected by the event, leave the cell blank. The first transaction is shown as an example, decreases to account balances with a minus sign.) LEWIS AND HARPER Horizontal Statements Model For Accounting Year 1 Liabilities Stockholders Income Statement Equity Accounts Salaries Retained Revenue – Net Income Payable Payable Expense Earnings 70.000 70.000 70,000 Event No. Assets Accounts Receivable 70 000 Statement of Cash Flows Cash 1 + 2 3 + 4 5 6 7 8 Totals 0- 70.000 0 70.000 70.000 0 70.000 Complete this question by entering your answers in the tabs below. ReqA Reg B to D Req F to G What is the amount of total assets, balance of accounts receivable, and accounts payable at the end of Year 1? b. Total assets IC. Accounts receivable d Accounts payable < Req A Req Fto G > < Prex 3 of 7 III Next > Complete this question by entering your answers in the tabs below. ReqA Req B to D Reg F to 6 What is the net income and net cash flow from operating activities at the end of Year 1? 1 Net Income 9 Net cash flow from operating activities for Year 1 < ReqB to D
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