Clark Bell started a personal financial planning business when he accepted $$69,000$ cash as advance payment for managing the financial assets of a large estate. Bell agreed to manage the estate for a one$-$year period beginning June $1,$ Year $1.$

Required:

a$.$ Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities $($OA$),$ investing activities $($IA$),$ or financing activities $($FA$).$

b$.$ How much revenue would Bell recognize on the Year $2$ income statement?

c$.$ What is the amount of cash flow from operating activities in Year $2?$

Complete this question by entering your answers in the tabs below.

Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities $($OA$),$ investing activities $($IA$),$ or financing activities $($FA$).$

Note: Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed.

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$\backslash$table$[[$Statement of$],[$Cash Flows$]]\},,,,],[,$Cash,$=,\backslash$table$[[$Unearned$],[$Revenue$]],+,\backslash$table$[[$Retained$],[$Earnings$]],$Revenue,$=,$Net Income,,$],[1.$ Advance payment,,$=,-,+1,,,-,,=,,,],[2.$ Revenue eamed,,$=,,+1,,,-,,=,,,],[$Totals$,0,=,0,+,0,0,-,,=,0,0,N{C}^{**}$