Required information Exercise 7-2A (Algo) Accounting for uncollectible accounts: allowance method LO 7-1 [The following information applies to the questions displayed below.] 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: 1. Provided $140,000 of cleaning services on account. 2. Collected $105,000 cash from accounts receivable. 3. Paid salaries of $30,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,700. The expense was determined using the percent of revenue method. Exercise 7-2A (Algo) Part C HOLMES CLEANING SERVICE Balance Sheet As of December 31, Year 1 \begin{tabular}{|l|l|l|} \hline Assets & & \\ \hline & & \\ \hline & & \\ \hline Total assets & & \\ \hline Liabilities & & \\ \hline Stockholders' equity & & \\ \hline & & \\ \hline & & \\ \hline Total stockholders' equity & & \\ \hline Total liabilities and stockholders' equity & & \\ \hline \end{tabular} Req C1 Complete this question by entering your answers in the tabs belov Prepare a statement of cash flows for Year 1. (Enter cash outflows with a