In Year $1,$ Lee Incorporated billed its customers $$57,800$ for services performed. The company collected $$41,800$ of the amount billed. Lee incurred $$36,200$ of other operating expenses on account. Lee paid $$24,900$ of the accounts payable. Lee acquired $$24,000$ cash from the issue of common stock. The company invested $$14,000$ 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?

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