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In Year 1, Lee Inc billed its customers 556,100 for services performed. The company collected $41,800 of the amount billed. Lee incurred $36.700 of other operating expenses on account Lee paid $23,500 of the accounts payable Lee acquired $31.000 cash from the issue of common stock The company invested $10,000 cash in the purchase of land. Required Hint Identity the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions) Use the preceding information to answer the following questions a. What amount of revenue will Lee report on the Year income statement b. What amount of cash flow from revenue will be reported on the statement of cash flows? c. What is the net income for the period? d. What is the net cash flow from operating activities for the period f. What is the amount of net cash flow from investing activities? g. What is the amount of net cash flow from financing activities? h. What amounts of total assets, liabilities, and equity will be reported on the year-end balance sheet? Complete this question by entering your answers in the tabs below. Accounting Equation Reg A to D Req Fto H Record the effects of each accounting event under the appropriate general ledger account headings (Enter any decreases to account balances with a minus sign) LEE INC Elfactol Events on the General Ledger Accounts Assets Liabilities Stockholders'Equity Lvant Accounts Cash Land Accounts Common Retained Rocutivable Payable Stock Earnings 1. Sales on account 2 Collected accounts receivable + 3 incurred expense 4 Pald accounts payable 5 of stock 16 Purchase and - + + + ODCHOW poed Accounting Equation Reg A to D Reg Fto H Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances minus sign. Hint Print LEE INC Effect of Events on the General Ledger Accounts Assets Liabilities Cash Accounts Account Land Receivable Payable Event Stockholders' Equity Common Retained Stock Earnings + + 1 Sales on account 2 Collected accounts receivable 3. Incurred expense 4. Pald accounts payable 5 Issue of stock 6 Purchase and Total 0 0 0 0 + 0 Req Ato D > Accounting Equation Req A to D Req F to H What is the revenue, cash flow from revenue, net income, and net cast Amount a b. Revenue recognized Cash flow from revenue Net income Net cash flow from operating activities C. d. Equation Reg A to D Reg F to H What is the net cash flow from investing activities, net cash flow from financing activities, total asset for the period? (Enter cash outflows as negative amounts.) f. g h Net cash flow from investing activities Net cash flow from financing activities Total assets Total liabilities Total equity Yard Professionals Inc experienced the following events in Year 1, its first year of operation 1. Performed services for $18,000 cash. 2. Purchased $6.400 of supplies on account 3. A physical count on December 31, Year 1. found that there was $1,270 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. What is the balance in the Supplies account as of January 1, Year 22 d. What is the balance in the Supplies Expense account as of January 1, Year 2 Complete this question by entering your answers in the tabs below. Rega Reg B1 Inc Req B2 Bal Req B3 CF Stmt Reg C and D Sheet Stmt Record the events under an accounting equation: (Not all cells require input. Enter any decreases to account balances with a minus sign.) YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation Assets Stockholders Liabilities Event Equity Accounts Retained Cash Supplies Payable Earnings 1 Provided service 2 Purchased supplies 3. Used Supplies Totals 0 + Req B1 Inc Stont> Reg A Req B1 Inc Stmt Req B2 Bal Sheet Req B3 OF Stmt Reg Ca Prepare an income statement for the Year 1 accounting period. YARD PROFESSIONALS INC. ho Income Statement For the Year Ended December 31, Year 1 $ 0 Complete this question by entering your answers in the tabs b Req A Req B1 Inc Stmt Req B2 Bal Sheet Reg B3 CF Stmt Req C and D. Prepare a balance sheet for the Year 1 accounting period. YARD PROFESSIONALS INC. Balance Sheet As of December 31, Year 1 Assets Total assets $ 0 Liabilities $ 0 Total liabilities Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0