Exercise 2-11A (Algo) Net income versus changes in cash LO 2-2, 2-3, 2-4 In Yeat t tee incorporated bilied its customers $57,800 for sorvices performed. The company collected $40300 of the amount bilied: Lee incurted $36,500 of other eperating expenses on account, and paid $24,700 of the ocecunts payable if aceulied $24,000 eash from the issue of common stock and imvetted $13,000cash in the purchase of tand. Required: Required: (Hintidently the six events described in the poragraph and record them in accounts under an accounting equation before attempting to anwer the questions) Use the preceding inforination to answer the following questions: a. What amount of revenue will Lee report on the Year 1 income statement? b. What amount of cosh tiow from revenue will be reported on the statement of cash fows? c. What is the net incomo for the period? d. What is the net cash flow from operating activities for the penod? 1. What is the ambunt of net cash flow from investing activinies? 0. What is the amount of net cosh fow from financing activitios? h. Whot amounts of rotal assets, liabilities, and stockholders equity will be reponted on the year-end balance sheet? (Hint: Identify the six events described in the paragraph and record them in accounts under an accounting equation before attempting to answe Note: Enter any decreases to account balances with a minus sign. 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? Note; Enter cash outflows as negative amounts. f. What is the amount of net cash flow from investing activities? Note: Enter cash outflows as negative amounts. 9. 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