1. What is the amount of net income that will be reported on the Year 1 income statement? 2. What is the amount of net cash flows from operating activities that will be reported on the Year 1 statement of cash flows?

3. What is the amount of total assets that will be reported on the balance sheet as of December 31, Year 1?

4. What is the balance of the retained earnings that will be reported on the balance sheet as of December 31, Year 1?

Required information The following information applies to the questions displayed below.) Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Acquired $9,200 cash by issuing common stock. 2. Provided $5,500 of services on account 3. Paid $2,400 cash for operating expenses. 4. Collected $3,500 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $260 cash dividend to stockholders