math Mind Maps Company is a new start$-$up focusing on improving the mental health of its customers through meditation. The company

experienced the following events during its first year of operations, Year $1$:

Performed services on account in the amount of $$58,000$ during Year $1.$

Collected $$14,000$ cash of the balance of accounts receivable during Year $1.$

Recorded $$29,000$ of accrued salaries at the end of the fiscal year.

Required:

a$.$ 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. Also, in the Statement of Cash Flows column, classify

the cash flows as operating activities $($OA$),$ investing activities $($IA$),$ or financing activities $($FA$).$ Use NA to indicate accounts not

affected by the event. The first transaction is shown as an example.

b$.$ Is the amount of net income different from the net cash flow from operating activities$/$during Year $1?$

Complete this question by entering your answers in the tabs below.

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 eve

the model. Also, in the statement of Cash Flows column, classify the cash flows as operating activities $($OA$),$ investing activities $($IA$),$ or financing activities $($FA$).$ Use NA to indicate accounts not

affected by the event. The first transaction is shown as an example.

Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed.