Question
Cordell Inc. experienced the following event in Year 1, it's first year of operation. a. Identify the events that result in revenue or expense recognition
Cordell Inc. experienced the following event in Year 1, it's first year of operation. a. Identify the events that result in revenue or expense recognition and those which affect the statement of cash flow. In the Statement of cash flows column. use OA to designate operating activity.FA for financing activity or IA for investing activity.if the element is not affected by the event, , leave the cell blank. b. Based on your response to requirement a determine the amount of net income reported on the year 1 income statement. d. Based on your response to requirement c. determine the amount of cash flow from operating activities reported on the year 1 statement of cash flows. e. What is the before -and-after-closing balance in the service revenue account? f. What is the balance of the retained earnings account that appears on the Year 1 balance sheet?
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