4 1.67 points eBook Print In Year 1, Lee Incorporated billed its customers $56,600 for services performed. The company collected $40,400 of the amount billed. Lee incurred $37,000 of other operating expenses on account. Lee paid $24,500 of the accounts payable. Lee acquired $20,000 cash from the issue of common stock. The company invested $12,000 cash in the purchase of land. 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 Year 1 income statement? b. What amount of cash flow 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 flow from operating activities for the period? f. What is the amount of net cash flow from investing activities? g. What is the amount of net cash flow from financing activities? h. What amounts of total assets, liabilities, and equity will be reported on the year-end balance sheet? References Complete this question by entering your answers in the tabs below. Accounting Equation Req A to H (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.) (Enter any decreases to account balances with a minus sign. Not all cells require entry.) Event 1. Sales on account 2. Collected accounts receivable 3. Incurred expense 4. Paid accounts payable LEE INCORPORATED Effect of Events on the General Ledger Accounts Cash Assets Accounts Receivable Land Liabilities Accounts Payable Stockholders' Equity Common Stock Retained Earnings 5. Issue of stock 6. Purchase land Totals 0 0 Accounting Equation + + + + 0 = 0+ 0+ 0 Req A to H > 1.67 4 points eBook In Year 1, Lee Incorporated billed its customers $56,600 for services performed. The company collected $40,400 of the amount billed. Lee Incurred $37,000 of other operating expenses on account. Lee paid $24,500 of the accounts payable. Lee acquired $20,000 cash from the issue of common stock. The company Invested $12,000 cash in the purchase of land. 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 Year 1 Income statement? b. What amount of cash flow 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 flow from operating activities for the period? f. What is the amount of net cash flow from investing activities? g. What is the amount of net cash flow from financing activities? h. What amounts of total assets, liabilities, and equity will be reported on the year-end balance sheet? Print References Complete this question by entering your answers in the tabs below. Accounting Equation Req A to H Use the preceding information to answer the following questions: What amount of revenue will Lee report on the Year 1 income statement? What amount of cash flow from revenue will be reported on the statement of cash flows? What is the net income for the period? What is the net cash flow from operating activities for the period? (Enter cash outflows as negative amounts.) What is the amount of net cash flow from investing activities? (Enter cash outflows as negative amounts.) What is the amount of net cash flow from financing activities? (Enter cash outflows as negative amounts.) What amounts of total assets, liabilities, and equity will be reported on the year-end balance sheet? a. Revenue recognized b. Cash flow from revenue c. Net income d. Net cash flow from operating activities f. Net cash flow from investing activities g. Net cash flow from financing activities h. Total assets Total liabilities Total equity < Accounting Equation Req A to H Show less