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Troy Company earned $15,000 of cash revenue. Troy incurred $12,000 of utility expense on account during Year 1. The company made cash payments of $8,000 to reduce its accounts payable during Year 1. Required Show the effects of the events on the financial statements using a horizontal financial statements model like the following one. In the Cash Flow 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, Identify the following amounts: a. The balance of the accounts payable that would be reported on the December 31, Year 1, balance sheet. b. The amount of expenses that would be reported on the Year 1 income statement c. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. d. The amount of retained earnings that would be reported on the Year 1 balance sheet Complete this question by entering your answers in the tabs below. Accounting Equation Reg A to D Show the effects of the events on the financial statements using a horizontal financial statements model like the following one. In the Cash Flow IA for investment activity, FA for financing activity, and NC for net change in cash. The first event is recorded as an example. (Enter any decrea cells in the statement of Cash Flows column may require an input - leave cells blank if there is no corresponding input needed) Accounting Equation Reg A to D Show the effects of the events on the financial statements using a horizontal financial statements model like the following one. In the Cash Flow IA for investment activity, FA for financing activity, and NC for net change in cash. The first event is recorded as an example. (Enter any decrease cells in the "Statement of Cash Flows column may require an input - leave cells blank if there is no corresponding input needed.) TROY COMPANY Horizontal Financial Statements Model for Year 1 Balance Sheet Income Statement Liabilities + Stockholders' Equity Revenue Expense - Net Income Accounts Common Retained Payable Stock Earnings Statement of Cash Flows Assets Event Cash Accounts Recelvable 1 2 3 Totals Atle Reg A te>