The following events apply to Lewis and Harper, a public accounting firm, for the Year $1$ accounting period:

Performed $$70,000$ of services for clients on account.

Performed $$40,000$ of services for cash.

Incurred $$36,000$ of other operating expenses on account.

Paid $$10,000$ cash to an employee for salary.

Collected $$47,000$ cash from accounts receivable.

Paid $$16,000$ cash on accounts payable.

Paid an $$8,000$ cash dividend to the stockholders.

Accrued salaries were $$2,000$ at the end of Year $1.$

Required:

a$.$ Show the effects of the events on the horizontal financial statements model like the following one. In the Statement of Cash Flows

column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash The

first event is recorded 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 net income for Year $1?$

g$.$ What is the amount of net cash flow from operating activities for Year $1?$

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