Required information 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 $200,000 of cleaning services on account. 2. Collected $150,000 cash from accounts receivable. 3. Pald salaries of $32,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,600. The expense was determined using the percent of revenue method. c. Prepare an income statement, balance sheet, and statement of cash flows for Year 1. Prepare an income statement for Year 1. HOLMES CLEANING SERVICE Balance Sheet As of December 31, Year 1 \begin{tabular}{|l|l|l|} \hline Assets & & \\ \hline Cash & & \\ \hline Accounts receivable & & \\ \hline Less: Allowance for doubtful accounts & & 0 \\ \hline Total assets & & \\ \hline Liabilities & & \\ \hline Stockholders' equity & & \\ \hline & & \\ \hline Retained earnings & & \\ \hline Total stockholders' equity & & \\ \hline Total liabilities and stockholders' equity & & \\ \hline \end{tabular} ReqC1 Req C3 Req C2 Ring Cil