$1$

Required:

$($Hint: Identify the six events described in the paragraph and record them in 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 $1$ 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 stockholders' equity will be reported on the year$-$end balance sheet?

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Accounting Equation

Req $A$ to $D$

Req F to H

$($Hint: Identify the six events described in the paragraph and record them in accounts under an accounting equation before attempting to answer the questions

Note: Enter any decreases to account balances with a minus sign. Leave cells blank if input is not required.

$\backslash$table$[[$LEE INCORPORATED$],[$Effect of Events on the Accounts under Accounting Equation$],[$Event$,$Assets,$\backslash$table$[[\backslash$table$[[=$

In Year $1,$ Lee Incorporated billed its customers $$56,900$ for services performed. The company collected $$40,800$ of the amount billed.

Lee incurred $$37,700$ of other operating expenses on account, and paid $$23,300$ of the accounts payable. It acquired $$23,000$ cash

from the issue of common stock and invested $$16,000$ cash in the purchase of land.

Required:

$($Hint: Identify the six events described in the paragraph and record them in 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 $1$ 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 stockholders' equity will be reported on the year$-$end balance sheet?

Complete this question by entering your answers in the tabs below.

$($Hint: Identify the six events described in the paragraph and record them in accounts under an accounting equation before attempting to answer the questions

Note: Enter any decreases to account balances with a minus sign. Leave cells blank if input is not required.