TYPICAL INCORPORATED Income Statement Year Ending December 31, 20x1 Revenue $34,000 Expenses: Supplies expense Wage expense Depreciation expense Net Income (15,000) ( 9,000) (3.000) $ 7,000 Required: 1. Open one ledger account for each balance sheet account and one for each income statement account. (Note: in a statement of cash flows problem you sometimes have to add a few additional T-accounts - the template provided has enough accounts necessary to work this particular problem.) Enter the 20x1 beginning and ending balances for each permanent account. 2. Use the income statement, balance sheet, and supplemental information to explain what happened to each account during the year - some intelligent guessing might be required at this point. 3. Classify each cash transaction as operating (0), investing (1), or financing (F), and write out the use or source of the cash involved. 4. Prepare the 20x1 statement of cash flows for TYPICAL Incorporated