please use the info to fill out the charts r2

Gifford Company experienced the following accounting events during Year 1: 1. Started operanons on January1 when it acquired $22,000 cash by Issuing common stock. 2. Earned $20,400 of revenue on account 3. On March 1 collected $38,400 cash as an advance for services to be performed In the future. 4. Paid cash operating expenses of $19,000. 5. Paid a $2,900 cash dividend to stockholders. 6. On December 31, Year 1, adjusted the books to recognize the revenue earned by providing services related to the advance described in Event 3. The contract required Gifford to provide services for a one-year period starting March 1. 7. Collected $17,000 cash from accounts receivable. Gifford Company experienced the followmg accounting events during Year 2: 1. Recognized $40,400 of cash revenue. 2. On April 1, paid $12,240 cash for an Insurance policy that provides coverage for one year beginning Immediately. 3. Collected $2,200 cash from accounts receivable. 4. Paid cash operating expenses of $23,000. 5. Paid a $5,200 cash dividend to stockholders. 6. On December 31, Year 2, adjusted the books to recognize the remaining revenue earned by providing services related to the advance described in Event 3 of Year 1. 7. On December 31, Year 2, Gifford adjusted the books to recognize the amount of the insurance policyr used during Year 2 RequIred a. Record the events in a nancial statements model. The rst event is recorded as an example. b. What amount of revenue would Gifford report on the Year1 Income statement? 1:. What amount of cash flow from customers would Gifford report on the Year 1 statement of cash flows? (1. What amount of unearned revenue would Gifford report on the Year1 and Year 2 vearend balance sheets? e. What are the Year 2 opening balances for the revenue and expense accounts? I. What amount of total assets would Giord report on the December 31, Year 1, balance sheet? Record the events in a financial statements model for Year 1. The first event is recorded as an example. (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for Net change in cash. Enter any decreases to account balances with a minus sign. Not all cells require input. If there is no effect on the Account Titles for Statement of Cash Flows, leave the cell blank.) Show less A GIFFORD COMPANY Horizontal Financial Statements For Year 1 Balance Sheet Event No. Assets Liabilities + Stockholders' Equity Income Statement Statement of Cash Flows Cash Accounts Prepaid Unearned Common Receivable Retained Insurance Revenue Stock Earnings Revenue Expense = Net Income Year 1. 22,000 + 22,000 = 22,000 FA 2. 11 3. 4. 5 . 6. 7. Bal. 22,000 + 0 0 0 + 0 0 - 0 = 0 22,000Record the events in a financial statements model for Year 2. (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for Net change in cash. Enter any decreases to account balances with a minus sign. Not all cells require input. If there is no effect on the Account Titles for Statement of Cash Flows, leave the cell blank.) GIFFORD COMPANY Horizontal Financial Statements For Year 2 Balance Sheet Assets Liabilities + Stockholders' Equity Income Statement Event No. Statement of Cash Flows Cash Accounts Prepaid Unearned Common Retained Receivable Insurance Revenue Stock Earnings Revenue Expense = Net Income Bal = 1 . = 2. 3. 4. 5 . 6. 7 . Bal 0 + 0 + 0 = + 0 + 0 0 0 11 11 0 0Req A Year 1 Req A Year 2 Reg B to F b. What amount of revenue would Gifford report on the Year 1 income statement? c. What amount of cash flow from customers would Gifford report on the Year 1 statement of cash flows? d. What amount of unearned revenue would Gifford report on the Year 1 and Year 2 year-end balance sheets? e. What are the Year 2 opening balances for the revenue and expense accounts? f. What amount of total assets would Gifford report on the December 31, Year 1, balance sheet? b. Revenue C. d. Unearned revenue for Year 1 Unearned revenue for Year 2 e. Revenue account, opening balance Expense account, opening balance f. Total assets