During Year 1, Chung Corporation earned $4,800 of cash revenue and accrued $2,500 of salaries expense. Required Based on this information alone: a. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Accounting Equation Based on this information alone: (Not all cells require input. Enter any decreases to account balances with a minus sign.) CHUNG CORPORATION Accounting Equation - Year 1 Assets = Liabilities + Salaries Payable Cash Event Earned revenue Accrued salaries Ending balance Req A Req B and C = 0 = + + + 0 + Stockholders' Equity Retained Earnings Common Stock + + ++ 0 + 0

During Year 1, Chung Corporation earned $4,800 of cash revenue and accrued $2,500 of salaries expense. Required Based on this information alone: a. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Accounting Equation Based on this information alone: (Not all cells require input. Enter any decreases to account balances with a minus sign.) CHUNG CORPORATION Accounting Equation - Year 1 Assets = Liabilities + Salaries Payable Cash Event Earned revenue Accrued salaries Ending balance Req A Req B and C = 0 = + + + 0 + Stockholders' Equity Retained Earnings Common Stock + + ++ 0 + 0

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 4RE: Given the following information, convert Robin Companys salaries expense from its income statement...

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Question

During Year 1, Chung Corporation earned $4,800 of cash revenue and accrued $2,500 of salaries expense.
Required
Based on this information alone:
a. Prepare the December 31, Year 1, balance sheet.
b. Determine the amount of net income that Chung would report on the Year 1 income statement.
c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows.
Complete this question by entering your answers in the tabs below.
Accounting
Equation
Based on this information alone: (Not all cells require input. Enter any decreases to account balances with a minus sign.)
CHUNG CORPORATION
Accounting Equation - Year 1
Assets = Liabilities +
Salaries
Payable
Cash
Event
Earned revenue
Accrued salaries
Ending balance
Req A
Req B and C
=
=
0 =
0
+
+
+
Stockholders' Equity
Retained
Earnings
Common
Stock
+
+
+
0 +
0

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Step 1: Introducing Accounting Equation

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Step 3: Working for Preperation of Balance Sheet

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Step 4: Calculate the Net Income

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Step 5: Calculate the Cashflow flow From Operating Activities

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