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3 parts please answer! During Year 1, Chung Corporation earned $5,200 of cash revenue and accrued $3,000 of salaries expense. Required Based on this information
3 parts please answer!
During Year 1, Chung Corporation earned $5,200 of cash revenue and accrued $3,000 of salaries expense. Required Based on this information alone: a. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Accounting Equation Reg A Req Band Based on this information alone: (Not all cells require input. Enter any decreases to account balances with a minus sign.) CHUNG CORPORATION Accounting Equation - Year 1 Assets Liabilities + Stockholders' Equity Cash Salaries Common Retained Payable Stock Earnings Event Earned tilvenue Accrued salaries Ending balance 0 0 0 Accounting Equation Req A Req B and C Prepare the December 31, Year 1, balance sheet. CHUNG CORPORATION Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities $ 0 Total liabilities Stockholders' Equity $ $ Total stockholders' equity Total liabilities and stockholders' equity 0 $ 0 Step by Step Solution
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