Jack's Snow Removal Company received a cash advance of $10,200 on December 1, Year 1 to provide services during the months of December, January, and February. The year end adjustment on December 31, Year 1, to recognize the partial expiration of the contract will Multiple Choice increase assets by $3,400 and increase stockholders's equity by $3,400 increase liabilities by $3.400 increase assets by $3,400 increase stockholders's equity by $3.400 Gomez Company collected $23,700 on September 1, Year 1 from a customer for services to be provided over a one-year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would it report as cash flows from operating activities for Year 1? Multiple Choice Revenue of $7.900, Cash flow from operating activities of $23,700 Revenue of $23700, Cash flow from operating activities of $23,700 Revenue of $0 Cash flow from operating activities of $23,700 Revenue of $7.900 Cash flow from operating activities of $7900 Nelson Company experienced the following transactions during Year 1, its first year in operation. Issued $9,600 of common stock to stockholders Provided $5,900 of services on account Paid $2,500 cash for operating expenses Collected $3,700 of cash from accounts receivable Pald a $280 cash dividend to stockholders What is the of net cash flow from operating activities shown on the Year 1 statement of cash flows? Multiple Choice $3,120 $1,200 $3,400 $920 Nelson Company experienced the following transactions during Year 1, its first year in operation. . Issued $6,200 of common stock to stockholders Provided $2,500 of services on account Paid $1,650 cash for operating expenses Collected $2,000 of cash from accounts receivable Paid a $110 cash dividend to stockholders What is the net income that will be reported for Year 1? Multiple Choice $610 $500 C $740 $850 Which of the following accounts would not appear on a balance sheet? Multiple Choice O Unearned Revenue. Service Revenue. Salaries Payable. Neither Service Revenue nor Unearned Revenue would appear on a balance sheet How will accounts payable appear on the following financial statements? Multiple Choice Asset on the balance sheet Expense on the income statement Revenue on the income statement Liability on the balance sheet