oped Exercise 2-11A (Algo) Net income versus changes in cash LO 2-2, 2-3, 2-4 In Year 1, Lee Incorporated billed its customers $56,600 for services performed. The company collected $40,200 of the amount billed. Lee incurred $36,400 of other operating expenses on account, and paid $24,000 of the accounts payable. It acquired $40,000 cash from the issue of common stock and invested $18,000 cash in the purchase of land. Required: (Hint: Identify the six events described in the paragraph and record them in accounts under an accounting equation before attempting to answer the questions.) Use the preceding information to answer the following questions: a. What amount of revenue will Lee report on the Year 1 income statement? Book H Print c. What is the net income for the period? eferences b. What amount of cash flow from revenue will be reported on the statement of cash flows? d. What is the net cash flow from operating activities for the period? f. What is the amount of net cash flow from investing activities? g. What is the amount of net cash flow from financing activities? h. What amounts of total assets, liabilities, and stockholders' equity will be reported on the year-end balance sheet? apped look Prys Complete this question by entering your answers in the tabs below. Accounting Equation Req A to H (Hint: Identify the six events described in the paragraph and record them in accounts under an accounting equation before attempting to answer Note: Enter any decreases to account balances with a minus sign LEE INCORPORATED Effect of Events on the Accounts under Accounting Equation Event 1. Sales on account 2. Collected accounts receivable 3. Inouned expense 4. Paid accounts payable 5. Issue of stock 6. Purchase land To Cash Assets Accounts Receivable Liabilities Stockholders' Equity Land Accounts Payable Common Stock Retained Earnings + 10+ Accounting Equation Req A to H Use the preceding Information to answer the following questions: a. What amount of revenue will Lee report on the Year 1 income statement? b. What amount of cash flow from revenue will be reported on the statement of cash flows? c. What is the net income for the period? d. What is the net cash flow from operating activities for the period? Note: Enter cash outflows as negative amounts. f. What is the amount of net cash flow from investing activities? Note: Enter cash outflows as negative amounts. g. What is the amount of net cash flow from financing activities? Note: Enter cash outflows as negative amounts. h. What amounts of total assets, liabilities, and stockholders' equity will be reported on the year-end balance sheet? a. Revenue recognized b. Cash flow from revenue c. Net income d. Net cash flow from operating activities f. Net cash flow from investing activities g. Net cash flow from financing activities h. Total assets Total liabilities Total stockholders' equity