Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first 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 $32,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,900. The 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. Prepare a statement of cash flows for Year 1. Note: Amounts to be deducted should be indicated with a minus sign. 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. Prepare an income statement for Year 1. Prepare a balance sheet for Year 1. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ HOLMES CLEANING SERVICE } \\ \hline \multicolumn{1}{|c|}{ Statement of Cash Flows } \\ \hline \multicolumn{1}{|c|}{ For the Year Ended December 31, Year 1 } \\ \hline Cash flows from operating activities & & \\ \hline & & \\ \hline & & \\ \hline Net cash flow from operating activities & & \\ \hline Cash flows from investing activities & & \\ \hline Cash flows from financing activities & & \\ \hline Net change in cash & & \\ \hline & & \\ \hline Ending cash balance & & \\ \hline \end{tabular} Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first 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 $32,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,900. The 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. Prepare a statement of cash flows for Year 1. Note: Amounts to be deducted should be indicated with a minus sign. 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. Prepare an income statement for Year 1. Prepare a balance sheet for Year 1. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ HOLMES CLEANING SERVICE } \\ \hline \multicolumn{1}{|c|}{ Statement of Cash Flows } \\ \hline \multicolumn{1}{|c|}{ For the Year Ended December 31, Year 1 } \\ \hline Cash flows from operating activities & & \\ \hline & & \\ \hline & & \\ \hline Net cash flow from operating activities & & \\ \hline Cash flows from investing activities & & \\ \hline Cash flows from financing activities & & \\ \hline Net change in cash & & \\ \hline & & \\ \hline Ending cash balance & & \\ \hline \end{tabular}