The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $13,500 of common stock for cash. 2. Recognized $68,500 of service revenue earned on account. 3. Collected $60,800 from accounts receivable. 4. Paid operating expenses of $35,600. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. Complete this question by entering your answers in the tabs below. Req D1 Income Stmt Req Di Stmt of Changes Req Di Balance Sheet Reg Di Stmt of Cash Flows -Book Prepare an income statement for Year I. Financial Statements erences Income Statement For the Year Ended Year 1 Service revenue $ 68,500 Expenses Operating expenses $ 35,600 35,600 Total expenses Net income Req D1 Stmt of Changes Complete this question by entering your answers in the tabs below. eBook Req Di Income Samt Req Di fimt of Charges Req DI Balance Sheet Reg Dl Stmt of Cash Flows References Prepare the statement of changes in stockholders' equity for Year 1. JOVA COMPANY Statement of Changes in Stockholders Equity For the Year Ended Year 1 Beginning common stock Plus: Stock issued Ending common stock $ Beginning retained earnings Plus: Net income Ending retained earnings Total stockholders' equity $ O 0 Roq D1 Income Stmt Req D1 Balance flows for Year 1. 2.77 points Complete this question by entering your answers in the tabs below. eBook Req Di Balance Req Di Income Stmt Req DI Stmt of Changes Req D1 Stmt of Cash Flows Sheet References Prepare the balance sheet for Year 1. JOVA COMPANY Balance Sheet As of December 31, Year 1 Assets Cash Accounts receivable 0 Total assets $ 0 Llabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 0 $ 0 2.77 points flows for Year 1. Complete this question by entering your answers in the tabs below. eBook Req Di Income Stmt Reg Dl Stmt of Changes Req Di Balance Sheet Reg Di Stmt of Cash Flows Prepare the statement of cash flows for Year 1. (Amounts to be deducted should be indicated with a minus sign.) References JOVA COMPANY Statement of Cash Flows For the Year Ended Year 1 Cash flows from operating activities: $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flow from financing activities Net change in cash $ 0 0 Ending cash balance $ 0 10