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During Year 1. Chung Corporation earned $6.700 of cash revenue and accrued $3,200 of salaries expense. Required Based on this information alone: (Hint Record the events in general ledger accounts under an accounting equation before satisfying the requirements. (Enter any decreases to account balances with a minus sign.) | CHUNG CORPORATION Accounting Equation - Year 1 Assets = Liabilities Stockholders' Equity - Salaries . Common Retained Cash Payable - Stock Earnings Event Earned revenue Accrued salaries Ending balance 0= 0 a. Prepare the December 31, Year 1. balance sheet. CHUNG CORPORATION Balance Sheet As of December 31, Year 1 Assets Total assets Labilities Total abilities Stockholders' Equity Total stockholders' equity Total abilities and stockholders' equity b. Determine the amount of net Income that Chung would report on the Year 1 income statement income c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash rows Net cash flow from operating activities Holloway Company earned $5,500 of service revenue on account during Year 1. The company collected $4,675 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.) a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. c. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. d. The amount of retained earnings that would be reported on the Year 1 balance sheet. Complete this question by entering your answers in the tabs below. Accounting Equation Req A to D Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.) HOLLOWAY COMPANY Effect of Events on the Year 1 Accounting Equation Assets = Liabilities + Accounts Cash + Receivable Event Stockholders' Equity Common + Retained Stock Earnings Earned revenue Collected accounts receivable Ending balance 0 + a. Accounts receivable b. Net income c. Net cash flow from operating activities d. Retained earnings Required information (The following information applies to the questions displayed below.) Milea Inc. experienced the following events in Year 1, its first year of operations: 1. Received $12,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,250. 4. Collected $31,210 of the accounts receivable. 5. Recorded $9,800 of accrued salaries at the end of the year. 6. Paid a $1,300 cash dividend to the stockholders. Required a. Record the events in general ledger accounts under an accounting equation. In the last column of the table, provide appropriate account titles for the Retained Earnings amounts. The first transaction has been recorded as an example. (Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings". Enter any decreases to account balances with a minus sign.) MILEA, INC. General Ledger Accounts For the Year Ended December 31, Year 1 Assets = Liabilities + Stockholders' Equity Accounts Salaries Common Retained Cash Receivable Payable Stock Earnings 12,500 12,500 Event Accounts Titles for Retained Earnings 1. Totals D-3. Prepare the balance sheet Required information The following information applies to the questions displayed below.) Milea Incexperienced the following events in Year 1, its first year of operations: VILEA INC Balance Sheet As of December 31. Year 1 1 Received $12.500 cash from the issue of common stock 2. Performed services on account for $45.000 3. Paid the utity expense of $250. 4. Collected $31210 of the accounts receivable. 5. Recorded $9.800 of accrued salaries at the end of the year 6. Paid a $1.300 cash dividend to the stockholders. Total abbes Stockholders' Equity -1. Prepare the income statement. MILEA, INC Income Statement For the Year Ended December 31, Year 1 Total stockholders' equity Total liabilities and stockholders equity Expenses Total expenses D-4. Prepare the statement of cash flows for the Year accounting period. (Amounts to be deducted should be indicated with a minus sign.) MILEA, INC Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities b-2. Prepare the statement of changes in stockholders' equity. MILEA, INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock Net cash flow from operating activities Cash fow from investing aces Cash fow from financing Ending common stock Beginning retained earnings Net cash fow from financing ac vibes Net change in cash Ending retained earnings Total stockholders' equity Finnchhalan Love Company's accounting records show an after-closing balance of $19,800 in its Retained Earnings account on December 31, Year 2. During the Year 2 accounting cycle, Love earned $15.900 of revenue, incurred $9,600 of expense, and paid $1,900 of dividends. Revenues and expenses were recognized evenly throughout the accounting period. Required a. Determine the balance in the Retained Earnings account as of January 1, Year 3. b. Determine the balance in the temporary accounts as of January 1, Year 2 c. Determine the after-closing balance in the Retained Earnings account as of December 31, Year 1. d. Determine the balance in the Retained Earnings account as of June 30, Year 2. a. Balance in the retained earnings, January 1, Year 3 b. Balance in the temporary accounts, January 1, Year 2 Closing retained earnings, December 31, Year 1 | d. Balance in the retained earnings, June 30, Year 2