Transcribed Image Text: The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accOunting period:

Could you
Me with this question? Transcribed Image Text: 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 account
2 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.
Required
a. Show the effects on the financial statements using the following horizontol statements model, In the cash flow column, use OA to
designate operating activity, IA for investing activity, FA for financing activity, or NC for net change. If the element is not affected by
the 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 A
Reg B to D
Reg F to G
What is the amount of total assets, balance of accounts receivable, and accounts payable at the end of Year 1?
b.
Total assets
C.
Accounts recelvable
d. Accounts payable
( Req A
Reg F to G > Transcribed Image Text: 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 1
Required
aShow the effects on the finandal statements using the following hartzontal statements model. In the cash flaw column, use OA to
designate operating activity, LA for Imvesting activity, FA for financing activity, or NC for net change. If the element b not affected by
the 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 A
Ree 5 to D
Ree De G
Show 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 requlre
nput. Enter any decreases to account balances with a minus sign.)
Show less A
LEWIS AND HARPER
Horizontal Btatements Model
For Aooounting Year 1
atookholiders
Equity
Retalined
Earnings
Inoome Statement
Statement of
Cash Flows
Assets
Liabilties
Event
No.
Accounts
Payable
Balaries
Payable
Net
Inoome
70.000
Expense
Aocounts
Recelvabi
70,000-
Revenue –
Cash
70.000
70.000 –
1.
4.
5.
7.
Totas
Reg B to D>

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