2 Exercise 2.9A (Algo) Effect of accounts receivable and accounts payoble transactions on financial statements LO 2-1, 2-2, 2-3, 2-4 2 DO The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period 1 Performed $62.000 of services for clients on account 2 Performed $40,000 of services for cash 3. Incurred $28.000 of other operating expenses on account 4. Paid $15.000 cash to an employee for salary 5. Collected 550,000 cash from accounts receivable 6 Paid $15,000 cash on accounts payable 7. Paid an $5,000 cash dividend to the stockholders 8. Accrued salaries were $2.000 at the end of Yeart Required Show the effects of the events on the financial statements using the following horizontal statements model in the Statement of Cash Flows column se to designate operating activity, IA for investment activity, FA for financing activity, and NC for et change in Cash The first event is recorded as an example b. What is the amount of total assets at the end of Year ? c. What is the balance of accounts receivable at the end of Year 12 d. What is the balance of accounts payable at the end of Year? What is net income for Year 1? 9. What is the amount of net cash flow from operating activities for Year! Complete this question by entering your answers in the tabs below HA Resto Show the effects of the events on the financial statements using the following horizontal statements model in the cash flow columns A ta designate operating the activity for financing activity, and NC for not change in cash. The first event is recorded as an example (trany decreto account balances within to the con may require an input we call there is no corresponding thout ended 2 Complete this question by entering your answers in the tabs below. We Show the effects of the contra financial statements in the following horon statements made in the cash flow.com, se on todosignate operating activity, IA for investment activity for Financing activity and for net change in cash. The first event is recorded an example (ther any decreases to account balances with a missional cally in the statement of Cantoreput avec le corresponding in neded) Show 0 LEWIS ANDER Mortancial Statele Tot Meuning Yes! par Reset Intonan Cash ME Stor ch 1 be 3000 2000 3 TA 7 000 ReqG) 1. What is net income for Year 1? g. What is the amount of net cash flow from operating activities for Year 12 Complete this question by entering your answers in the tabs below. Rega Reg B to G 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 12 d. What is the balance of accounts payable at the end of Year 1? f. What is net income for Year 1? g. What is the amount of net cash flow from operating activities for Year 1? Show less Year 1 Total assets c. Accounts receivable d Accounts payable Net Income o Net cash flow from operating activities for Year 1