Yard Professionals Inc. experienced the following events in Year 1, its first year of operation:

1. Performed services for $21,500 cash.
2. Purchased $4,200 of supplies on account.
3. A physical count on December 31, Year 1, found that there was $1,010 of supplies on hand.

Required Based on this information alone a. Record the events in general ledger accounts under an accounting equation. (Enter any decreases to account balances with a minus sign.)

b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period.

+ YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation for Year 1 Assets Liabilities Event Cash Supplies Accounts Payable 1. Provided service 2. Purchased supplies 3. Used supplies Totals Stockholders Equity Retained Earnings - + + + YARD PROFESSIONALS INC. Income Statement For the Year Ended December 31, Year 1 YARD PROFESSIONALS INC. Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity YARD PROFESSIONALS INC. Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance c. What is the balance in the Supplies account as of January 1, Year 2? Supplies d. What is the balance in the Supplies Expense account as of January 1, Year 2? Supplies expense