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 $160,000 of cleaning services on account 2. Collected $120,000 cash from accounts receivable, 3. Pald salaries of $42,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1.500. The expense was determined using the percent of revenue method. Required 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. Reg A Req B1 Red B2 Req 23 Organize the transaction data in accounts under an accounting equation (Enter any decreases to account balances with a minus sign Not all cells require input.) Event Balance Sheet Assets Liabilities NRV Accounts Receivable Account Titles for Retained Earnings Equity Retained Earnings Cash Year 1 Complete this question by entering your answers in the tabs below. Reg A Reg 31 Reg B2 Reg B3 Organize the transaction data in accounts under an accounting equation (Enter any decreases to account balances with a minus sign. Not all cells require input.) Event Balance Sheet Assets Liabilities NRV Accounts Receivable Account Titles for Retained Earnings Equity Retained Earnings Cash Year 1 1 2 -- -3 4 Bal HARTA Req B1 > Chapters 7 and 8 Saved 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. 22 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 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. Reg A Req B1 Req B2 Reg 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 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 Reg B2 Reg B3 Prepare a statement of cash flows for Year 1. (Amounts to be deducted should be indicated with a minus sian.) 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
