At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Balance Accounts receivable Accounts payable Common stock Retained earnings $ 33,200 21,200 10,700 29,800 13,900 The following events apply to Oak Consulting for Year 2: 1. Provided $66,700 of services on account. 2. Incurred $2,900 of operating expenses on account. 3. Collected $50,500 of accounts receivable. 4. Paid $36,500 cash for salaries expense. 5. Paid $12,240 cash as a partial payment on accounts payable. 6. Paid a $8,600 cash dividend to the stockholders. Exercise 13-22A (Algo) Part c c. Show the beginning balances and the transactions in a horizontal statements model. Note: Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Not all cells require input. OAK CONSULTING Effect of Transactions on the Financial Statements for Year 2 Balance Sheet Income Statement Number Assets Cash + Accounts Receivable Liabilities Stockholders' Equity Accounts Payable Common Stock Retained Earnings Revenue Statement of Cash Flows Expenses = Net Income Balance = + + = 1 + = + = 23 + = + + - = = + + - = 4 = + + = 5 = + = 11 6 + = + Balance 0+ 0 = 0+ 0+ = + 0 0 0 = 0 0