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please help and thank you so much in advance Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events
please help and thank you so much in advance Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations Events Affecting Year 1: 6:57 1. Provided $120,000 of cleaning services on account. 2. Collected $90,000 cash from accounts receivable, 3. Pald salaries of $40,000 for the year 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1.900. The expense was determined using the percent of revenue method, Required a. Organize the transaction data in accounts under an accounting equation, b. Prepare an income statement, a balance sheet, and a statement of cash flows for Year 1, Complete this question by entering your answers in the tabs below. Reg Regu Reg B2 Reg 3 Organize the transaction data in accounts under an accounting equation (Enter any decreases to account balances with a minussion Not all cells require input.) Event Balance Sheet Assets Liabilities NRY Accounts Receivable Equity Retained Earnings Account Titles for Retained Earnings Cash Year 1 Complete this question by entering your answers in the tabs below. Reg A Req B1 Req B2 Req B3 Organize the transaction data in accounts under an accounting equation (Enter any decreases to account balances Not all cells require input.) Event Equity Balance Sheet Assets Liabilities NRV Accounts Receivable Account Titles for Retained Earnings Cash Retained Earnings Year 1 1 + + 2 3 +++ 4 Bal 012 01 + 0 Rer Req B1 > Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Prepare an income statement for Year 1. HOLMES CLEANING SERVICE Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses 0 $ 0 Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Prepare a balance sheet for Year 1. HOLMES CLEANING SERVICE Balance Sheet As of December 31, Year 1 Assets 0 $ 0 Total assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ 0 Req A Req B1 Req B2 Req B3 Prepare a statement of cash flows for Year 1. (Amounts to be deducted should be indicated with a m HOLMES CLEANING SERVICE Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash 0 Ending cash balance
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