Swed Holmes Cleaning Service began operation on January 1 Year 1. The company experienced the following events for its first year of operations Events Affecting Yeart 1. Provided $170.000 of cleaning services on account. 2. Collected $127,500 cash from accounts receivable. 3. Paid salaries of $42,000 for the year 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $2200. The expense was determined using the percent of revenue method Required a. Organize the transaction data in accounts under an accounting equation b. Prepare an income statement, a balance sheet, and a statement of cash flows for Yeart. Complete this question by entering your answers in the tabs below. Reg A Reg 1 Reg 2 Red Prepare a balance sheet for Year 1 HOLMES CLEANING SERVICE Balance Sheet As of December 31, Year 1 Assets Accounts receivable Plus: Allowance for doubtful accounts Total assets Liabilities Stockholders' Equity Common stock Total steholders equity Totalities and stockholders 1 Holmes Cleaning Service began operation on January 1 Year 1 The company experienced the following events for its first year of operations Events Affecting Yeart: its 1. Provided $170,000 of cleaning services on account 2. Collected 5127,500 cash from accounts receivable 3. Paid solaries of $42.000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $2,200. The expense was determined using the percent of revenue method Book Pent Required . Organize the transaction data in accounts under an accounting equation b. Prepare an income statement, a balance sheet, and a statement of cash flows for Year 1 Pelerances Complete this question by entering your answers in the tabs below. Reg Req B1 Reg B2 Rego Prepare a statement of cash flows for Year 1. (Amounts to be deducted should be indicated with a minus sign.) HOLMES CLEANING SERVICE Statement of Cash Flows For the Year Ended December 31. Year Cash flows from operating activities Inflow from customers Outlow for expenses Net cash flow from operating actives Cash fows from investing activities Cash flow from financing actives Net change in cash Plus: Beginning chance Ending cash balance 0 (Roy B2