Saved Help Submit Save & Exit Chapter 7 Homework (Graded) Check my work 3 Part 3 of 3 Required information Exercise 7-2A Accounting for uncollectible accounts: allowance method LO 7-1 (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 125 points Events Affecting Year 1: Print 1. Provided $170,000 of cleaning services on account. 2. Collected $127.500 cash from accounts receivable. 3. Paid salaries of $46,000 for the year 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $2.000, The expense was determined using the percent of revenue method. Reference Exercise 7-2A Part c. Prepare an income statement, balance sheet, and statement of cash flows for Year 1. (Statement of Cash Flows and Balance Sheet only: Items to be deducted must be indicated with a minus sign.) HOLMES CLEANING SERVICE Income Statement the Vanhemmat Help Chapter 7 Homework (Graded Check my we 3 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $2.000. The expense was determined using the percent of revenue method. Part of 3 Exercise 7-2A Part 125 points c. Prepare an income statement balance sheet, and statement of cash flows for Year 1. (Statement of Cash Flows and Balance Sheet only: Items to be deducted must be indicated with a minus sign.) HOLMES CLEANING SERVICE Income Statement For the Year Ended December 31, Year 1 Pro References Operating expenses Total operating expenses 0 s 0 Chapter 7 Homework (Graded) Check my wo! 3 Required information Part 3 of 3 125 HOLMES CLEANING SERVICE Balance Sheet As of December 31, Year 1 ook Assets References 0 $ 0 Total assets Liabetes Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity 0 0 $ Saved Help Save Chapter 7 Homework (Graded) 3 Required information Part 3 of 3 125 points HOLMES CLEANING SERVICE Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities eBook References $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash 0 Ending cash balanco $ 0