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Required information The following information applies to the questions displayed below! The following transactions apply to Walnut Enterprises for Year 1, its first year of

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Required information The following information applies to the questions displayed below! The following transactions apply to Walnut Enterprises for Year 1, its first year of operations: 1. Received $40,500 cash from the issue of a short-term note with a 4 percent interest rate and a one-year maturity. The note was made on April 1. Year 1 2. Received $116,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent 3. Pald $70,000 cash for other operating expenses during the year. 4. Pald the sales tax due on $96,000 of the service revenue for the year Sales tax on the balance of the revenue is not due until Year 2 5. Recognized the accrued interest at December 31, Year 1 The following transactions apply to Walnut Enterprises for Year 2: 1. Pald the balance of the sales tax clue for Year 1, 2. Received $141.000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent 3. Repaid the principal of the note and applicable interest on April 1. Year 2. 4. Paid $83.000 of other operating expenses during the year. 5. Paid the sales tax due on $116,000 of the service revenue, The sales tax on the balance of the revenue is not due until Year 3 (For all requirements, round your intermediate and final answers to the nearest whole dollar amount.) c-1. Prepare an Income statement for Year 1, c-2. Prepare a statement of changes in stockholders' equity for Year 1, a c-3. Prepare a balance sheet for Year 1 c-4. Prepare a statement of cash flows for Year 1 Complete this question by entering your answers in the tabs below. c-1. Prepare an income statement for Year 1 c-2. Prepare a statement of changes in stockholders' equity for Year 1, c-3. Prepare a balance sheet for Year 1. c-4. Prepare a statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Reg C1 Reg C2 Reg C3 Req C4 Prepare a statement of cash flows for Year 1. (Enter cash outflows and amounts to be deducted with a minus sign.) 53 WALNUTENTERPRISES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Intlow from customers Outflow for expenses Outflow for sales tax $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Intlow from loan 0 0 Net cash flow from financing activities Not change in cash Plus Beginning cash balance Ending cash balance $ 0

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