The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $102,000 of services for clients on account. 2. Performed $56,000 of services for cash. 3. Incurred $60,000 of other operating expenses on account. 4. Paid $23,000 cash to an employee for salary. 5. Collected $701000 cash from accounts receivable. 6. Paid $20.000 cash on accounts payable. 7. Paid a $7,000 cash dividend to the stockholders. 8. Accrued salaries were $5,200 at the end of Year 1. Required a. Show the effects on the financial statements using the following horizontal statements model. In the cash flow column, use OA to designate operating activity, IA for investing activity. FA for financing activity, or NC for net change. If the element is not offected by the event, leave the cell blank. The first transaction is shown as an example. b. What is the amount of total assets at the end of Year 1? c. What is the balance of accounts receivable at the end of Year 1? d. What is the balance of accounts payable at the end of Year 1? f. What is the net income for Year 1? g. What is the amount of net cash flow from operating activities for Year 1? Complete this question by entering your answers in the tabs below. Req A Req B to D Req F to G Show the effects on the financial statements using the following horizontal statements model. In the cash flow column, use OA to designate operating activity, IA for investing acti financing activity, or NC for net change. If the element is not affected by the event, leave the cell blank. The first transaction is shown as an example. (Not all cells will require inp decreases to account balances with a minus sign.) LEWIS AND HARPER Horizontal Statemente Model For Accounting Year 1 Event Aeneta E Liabilities Stockholdere' Income Statement NO. Equity Cash Accounts Receivable Accounts Payable Salaries Payable Retained Statement of Cash + + + + + + + + + Earnings Revenue Expense =|Net Income Flow 102 000 = 102 000 102 000 102 000 56 000 4 + 56,000 56 000 56 000 56 000 OA 80 000 # 80,000 80.000 (23,000) (80,000] 23,000 23 000 (23,000) 70.000+ (23,000) DA (70.000) 20,000) 70,000 DA 20.000+ 20,000] DA 7,000 17,000) 5.200 15,200 5.200 Totals 76 000 # + 17,000) FA (5,200] 40.000 # 5.200 4 82 800 158.000 69 800 76 000