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Yard Professionals inc. experienced the following events in Year 1 , its first year of operation 1. Performed services for $29,500 cash. 2. Purchased $7,600

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Yard Professionals inc. experienced the following events in Year 1 , its first year of operation 1. Performed services for $29,500 cash. 2. Purchased $7,600 of supplies on account 3. A physical count on December 31 , Year 1, found that there was $1,530 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting perioc c. What is the balance in the Supplies account as of January 1 , Year 2 ? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account bala minus sign.) YARD PROFESSIONALS INC. Income Statement For the Year Ended December 31, Year 1 \begin{tabular}{|l|l|l|} \hline \multicolumn{3}{|c|}{ YARD PROFESSIONALS INC. } \\ \hline \multicolumn{2}{|c|}{ As of December 31, Year 1 } \\ \hline Assets & & \\ \hline & & \\ \hline Total assets & & \\ \hline Liabilities & & \\ \hline & & \\ \hline Total liabilities & & \\ \hline Stockholders' Equity & & \\ \hline & & \\ \hline Total stockholders' equity & & \\ \hline Total liabilities and stockholders' equity & \\ \hline \end{tabular} YARD PROFESSIONALS INC. Statement of Cash Flows For the Year Ended December 31, Year 1 \begin{tabular}{|l|l|} \hline Cash flows from operating activities & \\ \hline & \\ \hline Net cash flow from operating activities & \\ \hline Cash flows from investing activities & \\ \hline Cash flows from financing activities & \\ \hline Net change in cash & \\ \hline & \\ \hline Ending cash balance & \\ \hline \end{tabular} What is the balance in the Supplies account as of January 1, Year 2? What is the balance of January 1 , Year 2

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