Check my work The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $82,000 of services for clients on account 2. Performed $48,000 of services for cash 3. Incurred $44,000 of other operating expenses on account 4. Paid $19,000 cash to an employee for salary 5. Collected $62,000 cash from accounts receivable. 6. Paid $36,000 cash on accounts payable. 7. Pald a $6,000 cash dividend to the stockholders. 8. Accrued salaries were $3,600 at the end of Year 1. Required a. Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. The first event is shown as an example. (Enter any decreases to account balances and cash outflows with a minus sign.) b. What is the amount of total assets at the end of Year 1? c. What is the balance of accounts receivable at the end of Year 1? d. What is the balance of accounts payable at the end of Year 1? 6. What is net income for Year 1? g. What is the amount of net cash flow from operating activities for Year 17 Complete this question by entering your answers in the tabs below. ReqA Reg to ReqG Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Cash Flow column, use OA to designate oper Investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. The first event is shown as an examp decreases to account balances and cash outflows with a minus sign.) MacBook Air RA Reg to Regg Book Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Cash Flow column, use CA to designate per Investment activity, FA for financing activity, NC for change in cash and NA to indicate the element is not afected by the event. The first event is shown as an emple decreases to account balances and cash outflows with a minus sign.) Pri Event Ne LEWIS AND HARPER Statement Model For Accounting Yeart Labies Stockholders Equity Income Statement Accounts Saleries Retained Payable Payable Eaming Revenue Expense - Net Income 12.000 12.000 eferences Cash Accounts Receivable 62.000 1 Statement of Cash Flow 2 NA 3 4 5 . 6 7 B Req A Reg B to F Req G Hint What is the amount of total assets at the end of Year 17 What is the balance of accounts receivable at the end of Year 1? What is the balance of accounts payable at the end of Year 17 What is net income for Year 17 Print - Show less References b. Totalsts c. Accounts receivable d. Accounts payable Net income
