TUMEWOR 1 Saved The following events apply to Lewis and Harper, a public accounting firm, for the Yea 1. Performed $72,000 of services for clients on account. 2. Performed $44,000 of services for cash. 3. Incurred $36,000 of other operating expenses on account. 4. Paid $17,000 cash to an employee for salary. 5. Collected $60,000 cash from accounts receivable. 6. Paid $19,000 cash on accounts payable. 7. Paid a $6,000 cash dividend to the stockholders. 8. Accrued salaries were $2,800 at the end of Year 1. Required a. Show the effects of the events on the financial statements using a horizontal stateme Flow column, use OA to designate operating activity, IA for investment activity, FA for fi NA to indicate the element is not affected by the event. The first event is shown as an balances and cash outflows with a minus sign.) 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? uhlo at the end of Year 12 L uucation.com/flow/connect.html Mx 2 Homework Saved Help Save & Exit Submit decreases to account balances and cash outflows with a minus sign.) Check my work LEWIS AND HARPER Statements Model Assets = Event No. For Accounting Year 1 Liabilities + Stockholders' Income Statement Equity Accounts Salaries Retained. Revenue Payable Payable Revenue - Expense = Net Income Earnings 72.000 72.000 72,000 Cash Statement of Cash Flow + Accounts Receivable 72,000 = nces + HHHHHH + + + + Totals Rega Reqto F > Chapter 2 Homework i Saved Reg A Req B to F Req G points What is the amount of total assets at the end of Year 1? What is the balance of accounts receivable at the end of Year 1? What is the balance of accounts payable at the end of Year 1? What is net income for Year 1? eBook Hint Print References b. Total assets C. Accounts receivable d. Accounts payable f. Net income balances and cash outflows with a minus sign.) 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 Yea 10 points eBook Complete this question by entering your answers in the tabs bele Hint Print Req A Req B to F Req G References What is the amount of net cash flow from operating activities for Year 1? Net cash flow from operating activities for Year 1
