2 5 ints eBook Hint Print References Mc Graw During Year 1, Chung Corporation earned $6,900 of cash revenue and accrued $3,800 of salaries expense. Required: Based on this information alone: (Hint: Record the events in accounts under an accounting equation before satisfying the requirements.) Note: Enter any decreases to account balances with a minus sign. Event Earned revenue Accrued salaries Ending balance CHUNG CORPORATION Accounting Equation - Year 1 Liabilities + Salaries Payable Assets Cash = II = 0 = a. Prepare the December 31, Year 1, balance sheet. CHUNG CORPORATION Balance Sheet As of December 31, Year 1 Prex + 0+ 2 of 4 Stockholders' Equity Common Stock - FRE + + 0 + Retained Earnings

During Year 1, Chung Corporation earned $6,900 of cash revenue and accrued $3,800 of salaries expense. Required: Based on this information alone: (Hint Record the events in accounts under an accounting equation before satisfying the requirements.) Note: Enter any decreases to account balances with a minus sign. a. Prepare the December 31 , Year 1 , balance sheet. 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