Holmes Cleaning Service began operation on January 1 , Year 1 . The company experienced the followng operations: Events Affecting Year 1: 1. Provided $150,000 of cleaning services on account. 2 Collected $112,500 cash from accounts recelvable. 3. Pald salaries of $26,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense wou 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 an income statement for Vear 1. 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 clearing services on account. 2 Collected $112,500 cash from accounts receivable. 3. Pald salarles of $26,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,600. 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. Organize the transaction data in accounts under an accounting equation. Note: Enter any decreases to accourt balances with a minus sign. Not all cells require input. 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 $112500 cash from accounts recelvable. 3. Pald salarles of $26,000 for the year: 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,600. 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 cosh flows for Year 1. Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows for vear 1. Notel Amounts to be deducted should be indicated with a minus sign. Holmes Cleaning Service began operation on January 1, Year 1 . The company experienced the following events fo operations: Events Affecting Year 1: 1. Provided $150,000 of cleaning services on account. 2 Collected $112,500 cash from accounts recelvable. 3. Pald salarles of $26,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,6 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 balance sheet for Year 1
