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Joe Roberts, a retired navy seal operater, started Special Ops Security which focuses on providing personal protection to high protile individuals. The company experienced the
Joe Roberts, a retired navy seal operater, started Special Ops Security which focuses on providing personal protection to high protile individuals. The company experienced the following events during its first year of operations, Year 1 . 1. Acquired $602,000 cash from the issuance of common stock: 2. Special Ops Security incurfed $122,500 of operating expenses on account during Year 1. 3. The company made cash payments of $101,500 to reduce its accounts payable during Year 1. Required: Use a horizontal financial statements model to show how each event affocts the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. The first transmetion is shown as an example. Note: In the Cash Flow column, use OA to designate operating activity, IA for investraent activity, FA for financing activity, and NC for net change in cash. Enter any decreases to aceount balances and cash outflows with a minas sign. Not all celis require an input - leave cells blank if there is no corresponding input needed
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