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

Performed services for $$24,000$ cash.

Purchased $$7,200$ of supplies on account.

A physical count on December $31,$ Year $1,$ found that there was $$1,310$ of supplies on hand.

Required:

Based on this information alone:

a$.$ Record the events in accounts under an accounting equation.

Note: 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.

Note: In statement of cash flows, cash outflows should be indicated with a minus sign.

YARD PROFESSIONALS INCORPORATED

Income Statement

For the Year Ended December $31,$ Year $1$