$3$

$13\mathrm{.}34$ points

numlies Liediniy service neyali uperaluili uil Jarluary i$,$ rear i$.$ I Ie cumpally experienced the following events for its first year of operations:

Events Affecting Year $1$:

Provided $$130,000$ of cleaning services on account.

Collected $$97,500$ cash from accounts receivable.

Paid salaries of $$30,000$ for the year.

Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $$1,900.$ The expense was determined using the percent of revenue method.

Required

a$.$ Organize the transaction data in accounts under an accounting equation.

b$.$ Prepare an income statement, a balance sheet, and a statement of cash flows for Year $1.$

References

Complete this question by entering your answers in the tabs below.

$\backslash$table$[[$Req A$,$Req B$1,$Req B$2]]$

Req B$3$

Prepare a statement of cash flows for Year $1.$

Note: Cash outflows should be indicated with a minus sign.

$\backslash$table$[[$HOLMES CLEANING SERVICE,$],[$Statement of Cash Flows,,$],[$Cash flows from operating activities,,$],[,,],[,,],[,,],[$Net cash flow from operating activities,,$