The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period 1. Performed $70,000 of services for clients on account. 2. Performed $40,000 of services for cash. 3. Incurred $36,000 of other operating expenses on account 4. Paid $10,000 cash to an employee for salary. 5. Collected $47.000 cash from accounts receivable, 6. Paid $16,000 cash on accounts payable. 7. Paid a $8,000 cash dividend to the stockholders. 8. Accrued salaries were $2,000 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 affected 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 12 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 net income for Year 1? 9. What is the amount of net cash flow from operating activities for Year 1? Asosto Event No Horizontal Statements Model For Accounting Year 1 Stockholders Liabilities Income Statement Equity Accounts Salario Retained Payable Revenue Not Income Payable Earnings Expense 70,000 70,000 70,000 Statement Cash Flo Cash Accounts Recolvable 70,000 1 2 . 3. 4 5 8 7 Total Reg toD> b. Total assets C. Accounts receivable d. Accounts payable