Complete this question by entering your answers in the tabs below. Use a horizontal financlal statements model to stiow how each event affects the balance sheet, income statement; and statement of cash nows. More spec the model. The first transiaction is shown as an example. Note: In the Cash Flow columo, use OA to designate operating activity, IA for investment activity, FA for financing activity, and fic for pet change in cauh Cash outflows with a minus sign. Not ali cells require an input - leave cells biank if there is no corresponding input needed. 1. Performed services on account in the amount of $53,200 duting Year 1. 2. Collected $11.600 cash of the balance of accounts receivable duting Year 1 3. Recorded $26,600 of accrued salaries at the end of the fiscal year. 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. The first transoction is shown as an example b. Is the amount of net income different from the net cash flow from operating activities during Year 1 ? Complete this question by entering your answers in the tabs below. Is the amount of net income different from the net cash flow from operating activities during Year 1 ? Brief Exercise 2.4 (Algo) Effect of accruals on the financial statements LO 2.4 Mind Maps Company is a new start up focusing on improving the mental health of its customers through meditation. The cornpany experienced the following events during its first year of operations, Year 1 : 1. Performed services on account in the amount of $53,200 during Year 1. 2. Collected $11,600 cash of the balance of accounts recelvable during Year 1. 3. Recorded $26,600 of accrued salaries at the end of the fiscal yeat. 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. The first transaction is shown as an example. b. Is the amount of net income different from the net cash flow from operating activities during Year 1? 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 spec the model. The first transaction is shown as an example. Note: In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and Ne for net change in cash. cash outflows with a minus sign. Not all cells require an input-leave celis blank if there is no corresponding input needed
