Chapter 2 Assessment A Saved 14 In 2018, Lee Inc. billed its customers $57,200 for services performed. The company collected $40,900 of the amount bille incurred $37,300 of other operating expenses on account. Lee paid $23,800 of the accounts payable. Lee acquired $21,00 from the issue of common stock. The company invested $18,000 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 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 2018 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? e. What is the amount of net cash flow from investing activities? f. What is the amount of net cash flow from financing activities? g. What amounts of total assets, liabilities, and equity will be reported on the year-end balance sheet? Chapter 2 Assessment i Saved rpyLIVE CHILEy you. Ir uw wivu. Chapter 2 Assessment A Saved Equation 14 Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to ac minus sign.) LEE INC. + Effect of Events on the General Ledger Accounts Assets Liabilities Accounts Accounts Cash Land Receivable Payable Event + Stockholders' Equity Common Retained Stock Earnings + + + = + + + 1. Sales on account 2. Collected accounts receivable 3. Incurred expense 4. Paid accounts payable 5. Issue of stock 6. Purchase land Totals + + = + + + 0 = Chapter 2 Assessment a Saved 14 In 2018, Lee Inc. billed its customers $57,200 for services performed. The company collected $40,900 of the amount bille incurred $37,300 of other operating expenses on account. Lee paid $23,800 of the accounts payable. Lee acquired $21,00 from the issue of common stock. The company invested $18,000 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 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 2018 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? e. What is the amount of net cash flow from investing activities? f. What is the amount of net cash flow from financing activities? g. What amounts of total assets, liabilities, and equity will be reported on the year-end balance sheet? Chapter 2 Assessment Saved Chapter 2 Assessment i Saved Accounting Equation Reg A to H 14 What is the revenue, cash flow from revenue, net income, net cash flow from operating activities, net cash flow from investing activities, net cash flow from financing activities, total assets, liabilities and equity for the period? (Enter cash outflows as negative amounts.) Amount a. b. c. d. f. Revenue recognized Cash flow from revenue Net income Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities Total assets Total liabilities Total equity g. h.
