Exercise 2-9A (Algo) Effect of accounts receivable and accounts payable transactions on financial statements LO 2-1, 2-2, 2-3, 2-4 The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period 1. Performed $67,000 of services for clients on account 2. Performed $42.000 of services for cash. 3. Incurred $32.000 of other operating expenses on account 4. Paid $16,000 cash to an employee for salary 5. Colected $50,000 cash from accounts receivable 6. Paid $17,000 cash on accounts payable. 7. Paid an $5,000 cash dividend to the stockholders 8. Accrued salaries were $2.400 at the end of Year! Required a. Show the effects of the events on the financial statements using the following horizontal statements model in the Statement of Cash Flows column, use OA to designate operating activity. IA for investment activity, FA for financing activity, and NC for net change in cash. The first event is recorded as an example. b. What is the amount of total assets at the end of Year 1? c. What is the balance of accounts receivable at the end of Year 1? d. What is the balance of accounts payable at the end of Yeart? f. What is net income for Year 1? 9. What is the amount of net cash flow from operating activities for Year 12 Complete this question by entering your answers in the tabs below. ReqA Red BtG b. What is the amount of total assets at the end of Year 1 What is the balance of accounts receivable at the end of Year 17 d. What is the balance of accounts payable at the end of Year 1? What is net income for Year 17 Q. What is the amount of net cash flow from operating activities for Year 1? Show less 5 Totalasses Accounts receivable d Accounts payable Net income o Net cash low from operating activities for Year 1 Yeart 54,000 17,000 32.000 90,6001 54,000 $ 5 5