Exercise $2-11$A $($Algo$)$ Net income versus changes in cash LO $2-2,2-3,2-4$ Exercise $2-11$A $($Algo$)$ Net income versus changes in cash LO $2-2,2-3,2-4$

In Year $1,$ Lee Incorporated billed its customers $$56,500$ for services performed. The company collected $$41,900$ of the amount billed.

Lee incurred $$37,100$ of other operating expenses on account, and paid $$23,100$ of the accounts payable. It acquired $$22,000$ cash

from the issue of common stock and invested $$15,000$ cash in the purchase of land.

Required:

$($Hint: Identify the six events described in the paragraph and record them in accounts under an accounting equation before attempting

to answer the questions.$)$ Use the preceding information to answer the following questions:

a$.$ What amount of revenue will Lee report on the Year $1$ income statement?

b$.$ What amount of cash flow from revenue will be reported on the statement of cash flows?

c$.$ What is the net income for the period?

d$.$ What is the net cash flow from operating activities for the period?

f$.$ What is the amount of net cash flow from investing activities?

g$.$ What is the amount of net cash flow from financing activities?

h$.$ What amounts of total assets, liabilities, and stockholders' equity will be reported on the year$-$end balance sheet?Complete this question by entering your answers in the tabs below.

Accounting

Equation

Req $A$ to $D$

Req F to H

f$.$ What is the amount of net cash flow from investing activities?

Note: Enter cash outflows as negative amounts.

g$.$ What is the amount of net cash flow from financing activities?

Note: Enter cash outflows as negative amounts.

h$.$ What amounts of total assets, liabilities, and stockholders' equity will be reported on the year$-$end balance sheet?

In Year $1,$ Lee Incorporated billed its customers $$56,500$ for services performed. The company collected $$41,900$ of the amount billed. Lee incurred $$37,100$ of other operating expenses on account, and paid $$23,100$ of the accounts payable. It acquired $$22,000$ cash from the issue of common stock and invested $$15,000$ cash in the purchase of land.

Required:

$($Hint: Identify the six events described in the paragraph and record them in accounts under an accounting equation before attempting to answer the questions.$)$ Use the preceding information to answer the following questions:

a$.$ What amount of revenue will Lee report on the Year $1$ income statement?

b$.$ What amount of cash flow from revenue will be reported on the statement of cash flows?

c$.$ What is the net income for the period?

d$.$ What is the net cash flow from operating activities for the period?

f$.$ What is the amount of net cash flow from investing activities?

g$.$ What is the amount of net cash flow from financing activities?

h$.$ What amounts of total assets, liabilities, and stockholders' equity will be reported on the year$-$end balance sheet?