1. Performed $102,000 of services for clients on account. 2. Performed $56,000 of services for cash. 3. Incurred $60,000 of other operating expenses on account. 4. Paid $23,000 cash to an employee for salary. 5. Collected $70,000 cash from accounts receivable. 6. Paid $20,000 cash on accounts payable. 7. Paid a $7,000 cash dividend to the stockholders. 8. Accrued salaries were $5,200 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? f. What is the net income for Year 1? g. What is the amount of net cash flow from operating activities for Year 1? Complete this question by entering your answers in the tabs below. Req A Req B to D Req F to G 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. (Not all cells will require input. Enter any decreases to account balances with a minus sign.) LEWIS AND HARPER Horizontal Statements Model For Accounting Year 1 Stockholders' Event No. 1. Cash Assets + Accounts Receivable 102,000 = 2. + = 3. + Liabilities + Income Statement Equity Accounts Payable Salaries Payable Retained Statement of Cash Flow Revenue Expense Net Income Earnings + 102,000 102,000 = 102,000 + = + 4. + + = 5. + 6. + = = 7. + = + = 8. + Totals + Req A Req B to D > Show less A