Required Information [The following information applies to the questions displayed below.) Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $44,000 cash from the issue of common stock. 2. Paid $12,900 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. 3. Performed services for customers on account for $90,000. 4. Incurred operating expenses on account of $39,500. 5. Collected $69,000 cash from accounts receivable. 6. Paid $30,000 cash for salary expense. 7. Paid $31,600 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $4,200 of accrued salaries at the end of Year 1. d-1. Prepare an income statement for Year 1. Expenses COLTON ENTERPRISES Income Statement For the Year Ended December 31, Year 1 Total expenses d-2. Prepare a statement of changes in stockholders' equity for Year 1. COLTON ENTERPRISES Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Total stockholders' equity d-3. Prepare a balance sheet for Year 1. COLTON ENTERPRISES Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' equity t 7 Next > d-4. Prepare a statement of cash flows for Year 1. (Enter any decreases to account balances and cash outflows with a minus sign COLTON ENTERPRISES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Net change in cash Ending cash balance Next