1 Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: 2.5 points Events Affecting Year 1: eBook 1. Provided $84,000 of cleaning services on account. 2. Collected $76,000 cash from accounts receivable. 3. Paid salaries of $28,500 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,650. The expense was determined using the percent of revenue method. Hint Print References Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement, a balance sheet, and a statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. Not all cells require input.) Balance Sheet Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. Not all cells require input.) Balance Sheet Assets Liabilities Equity Event Account Titles for Retained Earnings + Cash + NRV Accounts Receivable Retained Earnings Year 1 1. + 84,000 + + 2. 76,000| + = II . + + 3. = + + + 4. II = Bal. 76,000 + 84,000 = 0 + Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Prepare an income statement for Year 1. HOLMES CLEANING SERVICE Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses 0 0 Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Prepare a balance sheet for Year 1. HOLMES CLEANING SERVICE Balance Sheet As of December 31, Year 1 Assets 0 Total assets $ 0 Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ 0 Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Prepare a statement of cash flows for Year 1. (Amounts to be deducted should be indicated with a minus sign.) HOLMES CLEANING SERVICE 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 Cash flows from financing activities Net change in cash 0 Ending cash balance 0