The following horizontal financial statements model shows the transactions experienced by The Frame Shop (TFS) during Year 1. The table contains missing data which are labeled with alphabetic characters (a) through (n). Assume all transactions shown in the accounting equation are cash transactions.

Required
a. Use amounts or alphabetic letters to fill in the blanks highlighted by each character (a) through (n). Use the letters NA to indicate that no amount is related to the alpha character shown in the model. Use the letters FA to represent financing activity, IA to represent investing activities, OA to represent operating activities, and NC to represent net change.
b. Determine the total amount of assets that will appear on the December 31, Year 1, balance sheet.
c. Determine the total amount of net income that will appear on the income statement.
d. Determine the amount of cash flow from financing activities that will appear on the statement of cash flows.

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Balance Sheet Income Statement Statement of = Liabilities + Stockholders' Equity Assets Cash Flows = Notes Pay. + Com. Stk. + Ret. Earn. Event Net Inc. Exp. Cash Land Rev. Beg. NA NA = (c) (b) – 200,000 FA 350,000 (e) (500,000) (g) 200,000 + 1. NA + (a) + NA + NA + NA NA 2. (d) NA = 350,000 + 350,000 + NA NA NA (500,000) + (h) + (65,000) + (12,000) + (m) + 500,000 = 3. NA + (f) = NA NA NA NA 4. (i) NA = NA + NA + NA + NA + 95,000 NA 95,000 95,000 OA (65,000) OA (12,000) (1) (1) (65,000) 5. NA = (k) NA + NA NA + (12,000) 6. NA = NA NA NA (n) – 65,000 = 18,000 30,000 End 350,000 + 200,000 + 68,000 NC I| ||