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Required information [The following information applies to the questions displayed beio w.] The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Feb. 1 Apr. 10 July 1 20 Aug. 15 Sept.15 Oct. 1 15 Nov. 16 Dec. 1 31 31 31 31 Established the business when it acquired $54,000 cash from the issue of common stock. Paid rent for office space for two years, $16,400 cash. Purchased $800 of supplies on account. Received $22,500 cash in advance for services to be provided over the next year. Paid $600 of the accounts payable from April 10. Billed a customer $10,000 for services provided during August. Completed a job and received $3,100 cash for services rendered. Paid employee salaries of $33,500 cash. Received $7,600 cash from accounts receivable. Billed customers $30,500 for services rendered on account. Paid a dividend of $800 cash to the stockholders. Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,050 of accrued salaries as of December 31. Recorded the rent expense for the year. (See February 1.) Physically counted supplies; $120 was on hand at the end of the period. Statement of Changes in Stockholders Equity Beginning common stock 54 000 0 54000 Beginning retained earnings 54 000 3 Plus : Net income 11 030 Less : Dividends ( 800) 64 . 303 Total Stockholders Equity 118.303\fStatement of Cash Flows For the Year Ended December 31 Year 1 Cash flows from operating activities Received from customers 33. 500 Paid for expenses (50, 500 Net cash flows from operating activities ( 17 000 ) Cash flows from investing activities 54 000 @ Cash flows from financing activities Paid for dividends (800 Received from stock issue 54 000 Net cash flows from financing activities 53 . 200 Net change in cash 36 200 Ending cash balance SO . LUU