11 In Year 1, Lee Inc. billed its customers $56,300 for services performed. The company collected $41,400 of the amount billed. Lee incurred $36,100 of other operating expenses on account. Lee paid $24,400 of the accounts payable. Lee acquired $30,000 cash from the issue of common stock. The company invested $18,000 cash in the purchase of land. 11 polnts Required {Hint Identify the six events described in the paragraph and record them in general ledger 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 Year1 income statement? b. What amount of cash ow 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 ow trom operating activities for the period? f. What is the amount of net cash ow from investing activities? 9. What is the amount of net cash ow from nancing activities? h. What amounts of total assets, liabilities, and equity will be reported on the yearend balance sheet? 0 Answer is not complete. Complete this question by entering you answer; in the tab-5 below. Accounting Equation Req A to D Req F to H Record the effects of each accormti'rg event under the appropriate general ledger account beatings. (Enter any decreases to account balances with a minus sign.) 1. Sales on account 56,300 0 = 56,300 0 2. 'ehfeacmm 41,400 0 (41,400) 0 = + + 3. lncuned expense = 36,100 9 + + (36,100] 0 4-. Paid accounts payable (24,40010 = (24,400] a + + 5. Issue of stock 30,000 0 = + 30,000 0 + a. Purchase land {1000010 18,0000 = + + Totals 29,000 14,900 18,000 = 11,700 + 30,000 + 20,200 Req A to [t ) 0 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 What is the revenue, cash ow from revenue, net income, and net cash ow from operathg activities for the period? :- Revenue recognized 56 300 a Cash ow from revenue Net Income Net cash ow from operating activities