Ally Petrone recently opened her own law office on March 1, which she operates as a sole proprietorship. The name of the new entity is Ally Petrone, Attorney. Petrone 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. i (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 Petrone, 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 2nd, 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. [Do not enter any zeros 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; Cap. = Petrone, Capital; Comp. = Computer; Exp. = Expense; Liab. = Liabilities; Misc. = Miscellaneous; Rev. = Revenue; Sup. = Supplies; Util. = Utilities; Withdr. = Petrone, Withdrawals.) 3/1 3/2 Bal. 3/3 Bal. 3/5 Bal. ASSETS = LIAB. + Cash + A/R Office + Comp. A/P Sup. + + + + + 3/7 + + Bal. + + 3/9 + + Cap. EQUITY Withdr. + Service Util. Misc. Rev. Exp. Exp. + + + + 3/9 + + + Bal. + + 3/15 + + Bal. + + + 3/23 + + Bal. + + 3/28 + + Bal. + + + + 3/30 + + + + Bal. + + + 3/31 + + Bal. + + + 3/31 + + Bal. Tot. Mar. 1 Mar. 2 Mar. 3 Mar. 5 Mar. 7 Mar. 9 Mar. 15 Mar. 23 Sold personal investment in Amazon stock, which she had owned for several years, receiving $34,000 cash. Deposited the $34,000 cash from the sale of the Amazon stock in her personal bank account. Deposited $80,000 cash in a new business bank account titled Ally Petrone, Attorney. The business gave capital to Petrone. Paid $250 cash for ink cartridges for the printer. Purchased computer for the law office, agreeing to pay the account, $9,300, within three months. Received $3,100 cash from customers for services rendered. Received bill from The Lawyer for magazine subscription, $100. (Use Miscellaneous Expense account.) Finished court hearings on behalf of a client and submitted a bill for legal services, $11,000, on account. Paid bill from The Lawyer. Mar. 28 Mar. 30 Paid utilities, $1,300. Mar. 31 Received $3,800 cash from clients billed on March 23. Mar. 31 Petrone withdrew cash of $4,500. 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. Net Income b. Statement of owner's equity for the month ended March 31, 2024. Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal. (Enter a "0" for any zero balances.) Review the ending balances of the accounts from Requirement 1. Petrone, Capital, March 1, 2024 Petrone, Capital, 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 d. Statement of cash flows for the month ended March 31, 2024. Liabilities Owner's Equity 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 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 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 Petrone, Attorney's return on assets (ROA). Round to the nearest whole percent. (Round the ROA to the nearest whole percent, X%.) = = = = ROA %