Required information The following information applies to the questions displayed below At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts Account Balance Cash $ 29,200 Accounts receivable 16,400 Accounts payable 12,200 Common stock 20,200 Retained earnings 13,200 The following events apply to Oak Consulting for Year 1 Provided $74,500 of services on account Incurred $3,000 of operating expenses on account Collected $50,000 of accounts receivable Paid $36,000 cash for salaries expense Paid $13,680 cash as a partial payment on accounts payable Paid a $8,600 cash dividend to the stockholders c Show the beginning balances and the events in a horizontal statements model such as the following one (In the Statement of Cash Flows column, use the initials OA for operating activities, FA for financing activities and NC for net change in cash Select NA wherever required Enter any decreases to account balance and cash outflows with a minus sign ) OAK CONSULTING Effect of Transactions on the Financial Statements for Year 1 Balance Sheet Income Statement Statement of Cash Flows Assets Liabilities Stockholders' Equity Revenue Expenses Net Income No Cash Accounts Receivable Accounts Payable Common Stock Retained Earnings Bal 1 2 3 4 5 6 Bal 0 0 0 0 0 0 0 0 0

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Required information [The following information applies to the questions displayed below.] At the beginning of Year 1, Oak Consulting had the following normal balances in

Required information

[The following information applies to the questions displayed below.] At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:

Account	Balance
Cash	$	29,200
Accounts receivable		16,400
Accounts payable		12,200
Common stock		20,200
Retained earnings		13,200

The following events apply to Oak Consulting for Year 1:

Provided $74,500 of services on account.
Incurred $3,000 of operating expenses on account.
Collected $50,000 of accounts receivable.
Paid $36,000 cash for salaries expense.
Paid $13,680 cash as a partial payment on accounts payable.
Paid a $8,600 cash dividend to the stockholders.

c. Show the beginning balances and the events in a horizontal statements model such as the following one: (In the Statement of Cash Flows column, use the initials "OA" for operating activities, "FA" for financing activities and "NC" for net change in cash. Select "NA" wherever required. Enter any decreases to account balance and cash outflows with a minus sign.)

OAK CONSULTING

Effect of Transactions on the Financial Statements for Year 1

Balance Sheet

Income Statement

Statement of Cash Flows

Assets

Liabilities

Stockholders' Equity

Revenue

Expenses

Net Income

Cash