Joe Roberts, a retired navy seal operator, started Special Ops Security which focuses on providing personal protection to high profile Individuals. The company experienced the following events during its first year of operations, Year 1: 1. Acquired $226,000 cash from the issuance of common stock. 2. Eamed $95,600 revenue on account from providing personal protection services for local celebrities. 3. Collected $68,000 of the balance in accounts receivable. Required: Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. The first transaction is shown as an example Note: In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require on input-leave cells blank if there is no corresponding input needed. Event Number Assets Cash Accounts Receivable 1 225,000 Balance Sheet Liabilities + Notes Payable Income Statement Stockholders' Equity Common Retained Stock Earnings 226,000+ Revenue - Expenses - Net Income Statement of Cash Flows 226.000 FA 2 3 Total 225,000 225,000+ 0- 226.000 Joe Roberts, a retired navy seal operator started Special Ops Security which focuses on providing personal protection to high profile individuals. The company experienced the following events during its first year of operations, Yeart 1. Acquired $634,000 cash from the issuance of common stock. 2. Special Ops Security incurred $162.500 of operating expenses on account during Year 1. 3. The company made cash payments of $125,500 to reduce its accounts payable during Year 1 Required: Use a horizontal financial statements model to show how each event affects the balance sheet, income statement and statement of cash flows. More specifically, record the amounts of the events into the model. The first transaction is shown as an example Note: In the Cash Flow column, use OA to designate operating activity, IA for investment activity, PA for financing activity, and NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require an input-leave cells blank if there is no corresponding input needed. Balance Sheet Event Number Stockholders' Equity Cash Accounts Receivable Accounts 1. 634.000 Stock 6:34.000 2 3. Total 634,000 634.000 Statement of Cash Flows Net Income 634.000 TA Shamrock Sweets, a local chocolate shop, experienced the following events during its first year of operations, Year 1: 1 Acquired $472,000 cash needed to start the company by issuing common stock 2. Purchased a retail building to make and sell chocolate for $222.000 cash 2. Earned $76,000 cash from the sale of chocolates during its first year of operations. 4. Borrowed $172,000 cash from a local bank to assist in financing future operations. Required: Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. The first transaction is shown as an example. Note: In the Cash Flow column, use OA to designate operating activity, IA for investment activity. FA for financing activity, and NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require an input-leave cells blank if there is no corresponding input needed. Balance Sheet Liabilities Notes Income Statement Event Number Assets Stockholders' Equity Common Cash Building Payable 1. 472,000+ Stock 472,000+ Retained Revenue Earnings Not Statement of Cash Flows 472,000 FA 2 3. 4. + Total +