Chapter 5 Application Somu autor Saved 1 16.66 points Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: Events Affecting Year 1: 1. Provided $180,000 of cleaning services on account 2. Collected $135,000 cash from accounts receivable, 3. Pald salaries of $28,000 for the year, 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1.200. The expense was determined using the percent of revenue method. eBook Hint 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 Year 1. Print Complete this question by entering your answers in the tabs below. Req A Req B1 Reg B2 Req B3 Prepare an income statement for Year 1. HOLMES CLEANING SERVICE Income Statement For the Year Ended December 31, Year 1 Operating expenses 1 of 6 BRE BE Next > Chapter 5 Application 1 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 fiows for Year 1. 16.66 points Complete this question by entering your answers in the tabs below. eBook Rega Req B1 Req B2 Reg 03 Hint Prepare an income statement for Year 1. HOLMES CLEANING SERVICE Income Statement For the Year Ended December 31, Year 1 Print Operating expenses Total operating expenses Chapter 5 Application Saved 1 Required a. Organize the transaction date in accounts under an accounting equation, b. Prepare an income statement, a balance sheet, and a statement of cash flows for Year 1. 16.66 points Complete this question by entering your answers in the tabs below. Book Reg 13 Reg A Reg B1 Req B2 Prepare a balance sheet for Year 1. Hint HOLMES CLEANING SERVICE Balance Sheet As of December 31, Year 1 Print Assets Total assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity LOUI Smest 1 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 Year 1 16,66 paints Complete this question by entering your answers in the tabs below. eBook Hint Reg A Reg 1 Reg 02 Reg 33 Prepare a statement of cash flows for Year 1. (Cash outflows should be indicated with a minus sign) HOLMES CLEANING SERVICE Statement of Cash Flows For the Year Ended December 31, Yoar 1 Cash flows from operating activities Paint Not cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance
