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 $190,000 of cleaning services on account 2. Collected $142,500 cash from accounts receivable. 3. Pald salaries of $28,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,900. 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. Prepare an income statement for Year 1. HOLMES CLEANING SERVICE Income Statement For the Year Ended December 31, Year 1 Service revenue $ 190,000 Operating expenses Salaries expense Uncollectible accounts expense $ (28,000) (1,900) Total operating expenset Net income (29,900) $ 160,100 Prepare a balance sheet for Year 1. HOLMES CLEANING SERVICE Balance Sheet As of December 31, Year 1 Assets Accounts receivable 0 $ 0 Total assets Liabilities Stockholders' Equity 0 Total stockholders, equity Total liabilities and stockholders' equity $ 0 Prepare a statement of cash flows for Year 1. (Amounts to be deducte HOLMES CLEANING SERVICE Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance $ 0