Could you please helpMe with this question? The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accOunting period:1 Performed $70,000 of services for clients on account2 Performed $40,000 of services for cash.3. Incurred $36,000 of other operating expenses on account.4 Poid $10,000 cash to an employee for salory.5. Collected $47,000 cash from accounts receivable.6. Poid $16,000 cash on accounts payable.7. Paid o $8,000 cash dividend to the stockholders.8. Accrued salaries were $2,000 at the end of Year 1.Requireda. Show the effects on the financial statements using the following horizontol statements model, In the cash flow column, use OA todesignate operating activity, IA for investing activity, FA for financing activity, or NC for net change. If the element is not affected bythe event, leave the cell blank. The first transaction is shown as an example.b. What is the amount of total assets at the end of Yeor 1?c. What is the balance of accounts receivable at the end of Year 1?d. What is the bolance of accounts payable at the end of Year 1?f. What is net income for Year 1?g. Whot is the amount of net cash flow from operating activities for Year 1?Complete this question by entéring your answers in the tabs below.Reg AReg B to DReg F to GWhat is the amount of total assets, balance of accounts receivable, and accounts payable at the end of Year 1?b.Total assetsC.Accounts recelvabled. Accounts payable( Req AReg F to G > The fallowingevents apply to Lewb and Harper, a public accounting firm, for the Year 1 accounting perlod:LPerformed$70,000 af services for dients on accourt.2 Performed $40,DD0 of services for caah.3. Incurred $36,000 of other aperating expenses on aCIDunt.4 Pald $10,000 cash to an emplayee for salary.5. Collected $47,000 cash firam accounts recelvable.6. Pald $16,000 cash on accounts payable.7. Pald a $8.0DD cash dividend to the stocldholders.8. Accrued calartes were $2.000 at the end of Year 1RequiredaShow the effects on the finandal statements using the following hartzontal statements model. In the cash flaw column, use OA todesignate operating activity, LA for Imvesting activity, FA for financing activity, or NC for net change. If the element b not affected bythe event, leave the cell blank. The first trancaction is shown as an example.b. What ts the amaurt of total acsets at the end of Year 1?c What is the balance of accourts recelvable at the end of Year 1?d What is the balance of accournts payable at the end of Year 1?E What is net Income for Year 1?g. What is the amount of net cash flow from operating activities for Year 1?Complete this question by entering your answers In the tabs below.Ree ARee 5 to DRee De GShow the eects on the financial statements usling the folliowing horizontal statements model. In the cash flow calumin, use OA to deslgnate operating activity, IA for Investing activity,FA for financing activity, or NC for net change. Ifthe element is not affected by the event, leave the cell blanik. The first transaction is shown as an example. (Not al cells wil requlrenput. Enter any decreases to account balances with a minus sign.)Show less ALEWIS AND HARPERHorizontal Btatements ModelFor Aooounting Year 1atookholidersEquityRetalinedEarningsInoome StatementStatement ofCash FlowsAssetsLiabiltiesEventNo.AccountsPayableBalariesPayableNetInoome70.000ExpenseAocountsRecelvabi70,000-Revenue -Cash70.00070.000 -1.4.5.7.TotasReg B to D>

Net cash flow from operating activties: Net income + Net change in working capital

The falowing events apply to Lews and Harper, a public accounting firm, for the Year 1 accounting perlod 1Performed $70,000 af eervices for dients on accourt 2. Performed S40.000 of servfces for cesh. 3. Incurred $36,000 of other aperating expenses on account. 4 Paid $10,000 cash to an emplayee for salary. 5. Collected $47,000 cach fram accounts recelvable. 6. Pald $16,000 cach on accounts payable. 7. Paid a $8,0DD cash dividend to the stocdholders. 8. Accrued aalartes were $2.000 at the end of Year 1 Required a Show the effects on the finandal staternents using the following hortzontal statements model, In the cash flow column, use OA to designate aperating activity, IA for Investing activity, FA for financing activity, or NC for net change. Fthe element s not affected by the event, leave the cell blank. The first transaction is shown as an example. b. What is the amaurt of tatal acsets at the end of Year 1? c What is the belance of accounts recelvable at the end of Year 1? d What is the balance of accounts payable at the end af Year 1? E What is net Income for Year 1? g. What is the amourt of net cash flow from operating activities for Year 1? Complete this question by entering your answers In the tabs below.

The falowing events apply to Lews and Harper, a public accounting firm, for the Year 1 accounting perlod 1Performed $70,000 af eervices for dients on accourt 2. Performed S40.000 of servfces for cesh. 3. Incurred $36,000 of other aperating expenses on account. 4 Paid $10,000 cash to an emplayee for salary. 5. Collected $47,000 cach fram accounts recelvable. 6. Pald $16,000 cach on accounts payable. 7. Paid a $8,0DD cash dividend to the stocdholders. 8. Accrued aalartes were $2.000 at the end of Year 1 Required a Show the effects on the finandal staternents using the following hortzontal statements model, In the cash flow column, use OA to designate aperating activity, IA for Investing activity, FA for financing activity, or NC for net change. Fthe element s not affected by the event, leave the cell blank. The first transaction is shown as an example. b. What is the amaurt of tatal acsets at the end of Year 1? c What is the belance of accounts recelvable at the end of Year 1? d What is the balance of accounts payable at the end af Year 1? E What is net Income for Year 1? g. What is the amourt of net cash flow from operating activities for Year 1? Complete this question by entering your answers In the tabs below.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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