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 in $8000 cash dividend to the stockholders

8. Occurred salaries were $2000 at end of year 1

Show the effects of the events on the financial statements using a horizontal financial statements model like the following one. In the statement of cash flows column, use OA to designate operating activity, IA for investment activity, FA for financial activity, NC for that change in cash and NA to indicate the element is not affected by that event.

C. What is the balance of accounts receivable at the end of year one?

D. What is the balance of accounts payable at the end of year one?

E. What is net income for year one?

F. What is the amount of net cash flow from operating activities for year one?

ng Equi Retained Cash Flows Cash+ 0,000 0,000 0,000- 70,000 NA 0,000 70,000 70,000 70,000 b. What is the amount of total assets at the end of Year 1?