Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations. Events Affecting Year 1: 1. Provided $150,000 of cleaning services on account. 2. Collected $112.500 cash from accounts receivable. 3. Paid salaries of $40,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,400. The expense was determined using the percent of revenue method 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 Req B1 Req B2 Req B3 Organize the transaction data in accounts under an accounting equation. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Balance Sheet Assets Equity Event Cash NRV Accounts Account Titles for Retained Earnings Liabilities Receivable Retained Earnings Year 11 1. 2 ++ ++ 3. 4. Balance 01+ = Req B1 > 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 Req B1 Req B2 Req B3 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 Req A Reg B2> Req A Req B1 Req B2 Req B3 Prepare a balance sheet for Year 1. HOLMES CLEANING SERVICE Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ SA DA $ 0 0 O Complete this question by Req A Req B1. Req B2 Req P3 Prepare a statement of cash flows for Year 1. Note: 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 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance $ 0 EA FA $ 0 0