3 questions

Clark Bell started a personal financial planning business when he accepted $51,000 cash as advance payment for managing the financial assets of a large estate. Bell agreed to manage the estate for a one-year period beginning June 1, Year 1. Required a. Show the effects of the advance payment and revenue recognition on the Year 1 financial statements using a horizontal statements model like the following one, In the Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. If the account is not affected, leave the cell blank. b. How much revenue would Bell recognize on the Year 2 income statement? c. What is the amount of cash flow from operating activities in Year 2? Complete this question by entering your answers in the tabs below. How much revenue would Bell recognize on the Year 2 income statement? What is the amount of cash flow from operating activities in Year 2 ? (Do not round intermediate calculations and round your final answers to nearest whole dollar.) Life, Incorporated experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $26,000 cash. 2. On February 1, Year 1, paid $18,000 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone: a. Record the events in general ledger accounts under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2? Complete this question by entering your answers in the tabs below. Record the events in general ledger accounts under an accounting equation. (Do not round intermediate calculations. Ente any decreases to account balances with a minus sign.) Complete this question by entering your answers in the tabs below. Record the events in general ledger accounts under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) During Year 1, Chung Corporation earned $5,100 of cash revenue and accrued $3,400 of salarles expense. Required Based on this information alone: (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Based on this information alone: (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) (Not all celis require input. Enter any decreases to account balances with a minus sign.) ) Answer is not complete. Complete this question by entering your answers in the tabs below. Based on this information alone: (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) (Not all cells require input. Enter any decreases to account balances with a minus sign.)