On January 1, 2009, the law firm of Savaria and SweazySavaria and Sweazy was formed with a contribution from each of the partners of $ 55 comma 000.$55,000. On February 1, 2009, the company received $ 24 comma 200$24,200 from clients in advance for services to be performed monthly during the next 2424 months beginning in February and recorded the full amount as unearned revenue. During the year, the firm incurred and paid expenses of $ 6 comma 600.$6,600. Is the adjustment to recognize the proper amount of service revenue related to an accrual or deferral? Assuming that these were the only transactions completed in 2009, prepare the firm's income statement, statement of cash flows, statement of retained earnings for the year ended December 31, 2009, and balance sheet at December 31, 2009. Is the adjustment to recognize the proper amount of service revenue related to an accrual or deferral? This is an adjustment for a deferral a deferral an accrual because cash was exchanged after before the revenue was earned. Prepare the firm's income statement for the year ended December 31, 2009. Begin by selecting the heading. Then complete the income statement. (Round your answer to the nearest whole amount.) Savaria and Sweazy Income Statement For the year ended December 31, 2009 Revenues 11092 Expenses 6600 Net Income 4492 Next, prepare a statement of retained earnings for the year ended December 31, 2009. Enter the headings for the statement of retained earnings and then complete the statement. (Use parentheses or a minus sign for amounts to be subtracted. Leave unused cells blank.) Savaria and Sweazy Statement of Retained Earnings For the year ended December 31, 2009 Beginning retained earnings $0 Cash 24200 (6600) Ending retained earnings 17600 Now, prepare a balance sheet at December 31, 2009. Begin by entering the headings, then enter the accounts and their corresponding amounts. (Round your answer to the nearest whole amount. Leave any unused cells blank.) Savaria and Sweazy Balance Sheet At December 31, 2009 Assets Cash Accounts receivable Total assets Liabilities and Shareholders' equity Contributed capital Retained earnings Total liabilities and shareholders' equity Finally, prepare a statement of cash flows for the year ended December 31, 2009. Begin by entering the heading, then complete the statement. (Use a parentheses or minus sign to enter decrease in cash. Leave unused cells blank.) Cash from operating activities: Net cash from operations Cash from investing activities: Net cash from investing Cash from financing activities: Net cash from financing Net increase in cash Add beginning cash balance 0 Cash balance at December 31, 2009 Choose from any list or enter any number in the input fields and then continue to the next question.