Ally Palmdale recently opened her own law office on March 1, which she operates as a corporation. The name of the new entity is Ally Palmdale, Attorney. Palmdale experienced the following events during the organizing phase of the new business and its first month of operation, March 2024. Some of the events were personal and did not affect the law practice. Others were business transactions and should be accounted for by the business. (Click the icon to view the transactions.) Read the requirements. Requirement 1. Analyze the effects of the preceding events on the accounting equation of Ally Palmdale, Attorney. Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 1st. For each transaction that follows the transaction on the 1st, calculate the balance in each account after analyzing its effect on the accounting equation. After calculating the ending balance of each account on the 31st, calculate total assets and total liabilities and equity. (Complete only the necessary answer boxes for your transaction lines. If a transaction is personal and does not affect the business, leave the transaction line blank. Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P = Accounts Payable; A/R = Accounts Receivable; Com. = Common; Contr. Cap. = Contributed Capital; Div. = Dividends; Comp. = Computer; Exp. = Expense; Liab. = Liabilities; Misc. = Miscellaneous; Rev. = Revenue; Sup. = Supplies; Util. = Utilities.) ASSETS LIAB. EQUITY Contr. Cap. Retained Earnings Cash + A/R + Office + Comp. A/P + Com. Div. + Service Util. Misc. Sup. Stock Rev. Exp. Exp. + + + 3/1 34,000 + 3/2 Bal. + + + 3/3 Bal. + + 3/5 Bal. + + + 3/30 Bal. 3/31 Bal. 3/31 Bal. Tot + + + 3/28 Bal. + Bal. 3/15 Bal. 3/23 + + 3/7 Bal. 3/9 + + + + + ' Requirement 2. Prepare the financial statements. a. Income statement for the month ended March 31, 2024. (If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Review the ending balances of the accounts from Requirement 1. Ally Palmdale, Attorney Income Statement Month Ended March 31, 2024 Net Income b. Statement of retained earnings for the month ended March 31, 2024. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. (Complete all answer boxes. Enter a "0" for any zero balances.) Review the ending balances of the accounts from Requirement 1. Retained Earnings, March 1, 2024 Retained Earnings, March 31, 2024 c. Balance sheet as of March 31, 2024. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Review the ending balances of the accounts from Requirement 1. Assets Liabilities Stockholders' Equity d. Statement of cash flows for the month ended March 31, 2024. Complete the statement one section at a time, beginning with the heading and cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the table leave the box empty; do not select a label or enter a zero. Complete all answer boxes for subtotals and the final cash section, though. Enter a "0" for any zero subtotal or cash balance.) Cash flows from operating activities: Receipts: Payments: Net cash provided (used) by operating activities Cash flows from investing activities: Net cash provided (used) by investing activities Payments: Net cash provided (used) by operating activities Cash flows from investing activities: Net cash provided (used) by investing activities Cash flows from financing activities: Net cash provided (used) by financing activities Net increase (decrease) in cash Cash balance, March 1, 2024 Cash balance, March 31, 2024 Requirement 3. Calculate Ally Palmdale, Attorney's return on assets (ROA). Round to the nearest whole percent. (Round the ROA to the nearest whole percent, X%.) = ROA %