In Year $1,$ Lee Incorporated billed its customers $$56,800$ for services performed. The company collected $$41,600$ of the amount billed.

Lee incurred $$36,500$ of other operating expenses on account. Lee paid $$23,500$ of the accounts payable. Lee acquired $$26,000$

cash from the issue of common stock. The company invested $$19,000$ cash in the purchase of land.

Required:

$($Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation

before attempting to answer the questions.$)$ Use the preceding information to answer the following questions:

a$.$ What amount of revenue will Lee report on the Year $1$ income statement?

b$.$ What amount of cash flow from revenue will be reported on the statement of cash flows?

c$.$ What is the net income for the period?

d$.$ What is the net cash flow from operating activities for the period?

f$.$ What is the amount of net cash flow from investing activities?

g$.$ What is the amount of net cash flow from financing activities?

h$.$ What amounts of total assets, liabilities, and equity will be reported on the year$-$end balance sheet?

Complete this question by entering your answers in the tabs below.

Accounting

Equation

Req $A$ to D

Req $F$ to $H$