Events Affecting Year 1: 1. Provided $210,000 of cleaning services on account 2. Collected $157,500 cash from accounts receivable, 3. Pald salaries of $36,000 for the year 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. 07:54 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, Complete this question by entering your answers in the tabs below. Req A Reg B1 Reg B2 Reg B3 Organize the transaction data in accounts under an accounting equation (Enter any decreases to account balances with a minus sign. Not all cells require input.) Assets Balance Sheet Liabilities Event Equity NRV Account Titles for Retained Earnings Cash Accounts Receivable Retained Earings Year 1 1 2 3 + 4 Dal 0 O 1. Provided $210,000 of cleaning services on account 2. Collected $157,500 cash from accounts receivable, 3. Pald salaries of $36,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. 37 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. Complete this question by entering your answers in the tabs below. Req Reg 1 Reg B2 Reg 33 Prepare an income statement for Year 1. HOLMES CLEANING SERVICE Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses 0 $ 0 1. Provided $210,000 of cleaning services on account 2. Collected $157,500 cash from accounts receivable. 3. Pald salaries of $36,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expense was determined using the percent of revenue method. 722 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. Complete this question by entering your answers in the tabs below. Req A Reg B1 Req B2 Reg 13 Prepare a balance sheet for Year 1. HOLMES CLEANING SERVICE Balance Sheet As of December 31, Year 1 Assets 0 0 $ Total assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders equity 0 0 $ 2 1. Provided $210,000 of cleaning services on account 2. Collected $157,500 cash from accounts receivable. 3. Pald salaries of $36,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,500. The expe was determined using the percent of revenue method. 1:07:13 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. Complete this question by entering your answers in the tabs below. Reg A Req B1 Reg B2 Req B3 Prepare a statement of cash flows for Year 1. (Amounts to be deducted should be indicated with a minus sign.) HOLMES CLEANING SERVICE Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash 0 Ending cash balance $ 0
