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It's saying my answer is incomplete, can someone help me out to see why it's still incomplete? The following events apply to Lewis and Harper,
It's saying my answer is incomplete, can someone help me out to see why it's still incomplete?
The following events apply to Lewis and Harper, a public accounting firm, for the 2018 accounting period: 1. Performed $102,000 of services for clients on account. 2. Performed $56,000 of services for cash. 3. Incurred $60,000 of other operating expenses on account. 4. Paid $23,000 cash to an employee for salary. 5. Collected $70,000 cash from accounts receivable 6. Paid $20,000 cash on accounts payable. 7. Paid a $7,000 cash dividend to the stockholders. 8. Accrued salaries were $5,200 at the end of 2018. Required a. Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. The first event is recorded as an example b. What is the amount of total assets at the end of 2018? c. What is the balance of accounts receivable at the end of 2018? d. What is the balance of accounts payable at the end of 2018? e. What is the net income for 2018? f. What is the amount of net cash flow from operating activities for 2018? Show the effects of the events on the financial statements using a horizontal statements model like the following one. 1I investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected b decreases to account balances and cash outflows with a minus sign.) LEWIS AND HARPER Statements Model For Accounting Year 2018 Stockholders Equity Retained Earnings Assets Liabilities Inco Event No Accounts Receivable Accounts+ Payable Salaries + Payable Cash Revenue 102,000 102,000 6,00056 (60,000) (23,000) 02,000 - 56,000 2 56,000+ 60,000+ (23,000)+ 70,000+ 6.(20,000) 4 (70,000) (20,000)+ (7,000) (5,200) 62,800 (7,000) 7 8 Totals 5,200 + 5,200 + 76,000 + 32,000 - 40,000 158,000 ome Statement Statement of Cash Flow Net Income 102,000 Expense NA 56,00056,000OA NA (23,000) OA 70,000 OA (20,000) OA (7,000) FA NA 60,000 (60,000) 23,000 23,000 5,200 88,200 (5,200) 69,800 76,000 Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B to G What is the amount of total assets, balance of accounts receivable, accounts payable, net income and net cash flow from operating activities at the end of 2018? Total assets Accounts receivable Accounts payable 108,000 $ 32,000 40,000 $69,800 83,000 d. Net income g. Net cash flow from operating activities for 2018Step by Step Solution
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