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please help me do this. The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed

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The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $102,000 of services for clients on account. 2. Performed $56,000 of services for cash. 3. Incurred $60,000 of other operating expenses on account 4. Paid $23,000 cash to an employee for salary 5. Collected $70,000 cash from accounts receivable 6. Paid $20,000 cash on accounts payable. 7. Paid an $7000 cash dividend to the stockholders. 8. Accrued salaries were $5,200 at the end of Year 1 Required a. Show the effects of the events on the financial statements using the following horizontal statements model in the Statement of Cash Flows column, use OA to designate operating activity, IA for investment activity. FA for financing activity, and NC for net change in cash. The first event is recorded as an example, b. What is the amount of total assets at the end of Year 1? c. What is the balance of accounts receivable at the end of Year 1? d. What is the balance of accounts payable at the end of Year 12 f. What is net income for Year 1? g. What is the amount of net cash flow from operating activities for Year 1? Assets LEWIS AND HARPER Horizontal Financial Statement Model For Accounting Year 1 Stockholders Liabilities Income Statement Equity Accounts Salaries Retained Revenue Expense Not Income Payable Payable Earnings 102,000 102.000 102,000 Event Statement of Cash Flow Cash Accounts Receivable 102,000 - 1 + 2 3 4 5 6 7 8 O 0 102.000 102.000 Totals 0 102.000 102,000 Prev 1 of 3 Next > b. What is the amount of total assets at the end of Year 1? c. What is the balance of accounts receivable at the end of Year 1? d. What is the balance of accounts payable at the end of Year 1? f. What is net income for Year 1? g. What is the amount of net cash flow from operating activities for Year 1? Year 1 b. Total assets C Accounts receivable d. Accounts payable f. Net income g Net cash flow from operating activities for Year 1

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