In Year 1, Lee Incorporated billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Lee incurred $39,000 of other operating expenses on account, and paid $31,000 of the accounts payable. It acquired $40,000 cash from the issue of common stock and invested $21,000 cash in the purchase of land.

Required:

(Hint: Identify the six events described in the paragraph and record them in 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 stockholders' equity will be reported on the year-end balance sheet?