pter 2 Homework-Algo 3 Seved Help Save & Exit Submi bints Skipped eBook Hint Print References The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $84,500 of services for clients on account. 2. Performed $49,000 of services for cash. 3. Incurred $46,000 of other operating expenses on account. 4. Paid $19,500 cash to an employee for salary. 5. Collected $63,000 cash from accounts receivable. 6. Paid $20,000 cash on accounts payable. 7. Paid a $8,000 cash dividend to the stockholders. 8. Accrued salaries were $3,800 at the end of Year 1. Required a. Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Statement of Cash Flows column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash, or leave blank to indicate the element is not affected by the event. The first event is shown 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 17 f. What is net income for Year 1? 9. What is the amount of net cash flow from operating activities for Year 17 Check my work Complete this question by entering your answers in the tabs below. Mc Graw < Prev 3 of 7 Next > Hill Jan 21 4:33 O AO Balance Sheet LEWIS AND HARPER Horizontal Statements Model For Accounting Year 1 Stockholders Equity Event Assets Liabilities Income Statement No. Accounts Cash Receivable Accounts Payable Salaries Retained Revenue Payable Earnings Expense Net Income 1 84,500 84,500 84,500 84,500 2. 3. 4. 5. 6. 7. + 8. Totals 84,500 10+ 0+ 84,500 84,500 84,500 Reg A Req B to F> Statement of Cash Flows Check ed ok it ht nces Req A Req B to F Req G What is the amount of total assets at the end of Year 1? What is the balance of accounts receivable at the end of Year 1? What is the balance of accounts payable at the end of Year 1? What is net income for Year 1? b. Total assets c. Accounts receivable d. Accounts payable f. Net income < Req A Req G > 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? Complete this question by entering your answers In the tabs below. Req A Req B to F Req G What is the amount of net cash flow from operating activities for Year 1? Net cash flow from operating activities for Year 1 < Req B to F Req G >