Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $29,000 cash. 2. Purchased $5,200 of supplies on account 3. A physical count on December 31, Year 1, found that there was $1,060 of supplies on hand. Required Based on this information alone: ncos 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 period. 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? Reg B3 CF Reg B1 Inc Stmt Reg A Reg B2 Bal Sheet Reg C and D Stmt Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with a minus sign.) YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation Assets Liabilities Stockholders Equity Retained Earnings Event Cash Supplies Accounts Payable 1. Provided service 2. Purchased supplies 3. Und supplies 0 O 0 Totals Complete this question by entering your answers in the tabs below. Req B2 Bal Sheet Req B1 Inc Stmt Req B3 CF Stmt Reg C and D Req A Prepare an income statement for the Year 1 accounting period. YARD PROFESSIONALS INC. Income Statement For the Year Ended December 31, Year 1 0 Prepare a balance sheet for the Year 1 accounting period. -Book YARD PROFESSIONALS INC. Balance Sheet Print As of December 31, Year 1 eferences Assets $ 0 Total assets Liabilities $ 0 Total abilities Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 Stmt Reg A RE Strnt Sheet Prepare the statement of cash flows for the Year 1 accounting period. (Enter cash outflows with a minus sign.) 1 YARD PROFESSIONALS INC. Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities $ 0 Net cash flow from operating activities Cashflows from investing activities Cash flows from financing activities Net change in cash 0 Ending cash balance Reg C and D > Reg 2 Bal Sheet Simt Sheet sme What is the balance in the Supplies account as of January 1, Year 2? What is the balance in the Supplies Expense account as of January 1, Year 2? Supplies d. Supplies expense CE Smit