can someone tell me where did I go wrong ?
Holmes Cleaning Service began operation on January 1, 2018. The company experienced the following events for its first year of operations: Events Affecting 2018: 1. Provided $180,000 of cleaning services on account. 2. Collected $135,000 cash from accounts receivable. 3. Paid salaries of $36,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,300. The expense was determined using the percent of revenue method. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement, a balance sheet, and a statement of cash flows for 2018. X Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank.) HOLMES CLEANING SERVICE Horizontal Statements Model Balance Sheet Assets Equity Accounts Retained Allowance Receivable Earnings Event Accounts Titles for Retained Earnings Cash + 2018 1. 180,000 Service revenue 180,000 (135,000) 2. 135,000 (36,000) + 3. 4. + 1,300= 1,300 (36,000) Salaries expense (1,300) Uncollectible accounts expense 142,700 Bal. 99,000 + 45,000 Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Prepare an income statement for 2018. HOLMES CLEANING SERVICE Income Statement For the Year Ended December 31, 2018 Service revenue $ 180,000 Operating expenses Salaries expense Uncollectible accounts expense $ 36,000 1,300 Total operating expenses 37,300 Net income 142,700 Req A Req B2 > * Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Prepare a balance sheet for 2018. HOLMES CLEANING SERVICE Balance Sheet As of December 31, 2018 Assets Cash $ 99,000 OOO $ 45,000 (1,300) 43,700 Accounts receivable Less: Allowance for doubtful accounts Total assets Liabilities Stockholders' Equity $ 142,700 0 Total stockholders' equity Total liabilities and stockholders' equity 0 % Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Prepare a statement of cash flows for 2018. (Amounts to be deducted should be indicated with a minus sign.) HOLMES CLEANING SERVICE Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities Inflow from customers $ 135,000 Outflow for expenses (36,000) $ 99,000 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance 99,000 $ 99,000
