Required information [The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $51,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,240 cash. Apr. 10 Purchased $890 of supplies on account. July 1 Received $21,000 cash in advance for services to be provided over the next year. 20 Paid $668 of the accounts payable from April 10. Aug. 15 Billed a customer $10,200 for services provided during August. Sept. 15 Completed a job and received $3,100 cash for services rendered. Oct. 1 Paid employee salaries of $37,500 cash. 15 Received $7,700 cash from accounts receivable. Nov. 16 Billed customers $36,000 for services rendered on account. Dec. 1 Paid a dividend of $500 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,050 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; $60 was on hand at the end of the period. d. Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. (Round your final answers to the nearest whole dollar amount. Statement of Cash Flows only, items to be deducted must be indicated with a negative amount.) & Answer is not complete. SMITH TRAINING COMPANY + $ 59,800 Financial Statemonts For the Year Ended December 31, Year 1 Income Statement Service revenue Expenses Service revenue X $ 39,550 Rent expense 7,883 Supplies expense 830 48,263 11,537 $ Total expenses Net income Statement of Changes in Stockholders' Equity Beginning common stock 0 S 1 BRE For the Year Ended December 31, Year 1 Income Statement $ 59,800 Service revenue Expenses Service revenue Rent expense Supplies expense $ 39,550 7,883 830 48,263 11,537 $ Total expenses Net income Statement of Changes in Stockholders' Equity X $ Beginning common stock Ending retained earnings Plus: Net income Less: Dividends 51,000 X 11,537 (500) 62,037 62,037 Total Stockholders' Equity $ Answe SMITH TRAINING COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities: X x 0 Received from stock issue Paid for dividends Net cash flow from operating activities Cash flow from investing activities Cash flows from financing activities: 0 Received from stock issue Paid for dividends Net cash flow from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance 0 $