Chapter 2: Homework 6.66 points 3 In Year 1, Lee Incorporated billed its customers $56,200 for services performed. The company collected $41,900 of the amount billed. Lee incurred $37,700 of other operating expenses on account. Lee paid $24,800 of the accounts payable. Lee acquired $31,000 cash from the issue of common stock. The company invested $15,000 cash in the purchase of land. Skipped eBook Mc Ask Print References Required (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions.) Use the preceding information to answer the following questions. a. What amount of revenue will Lee report on the Year 1 income statement? b. What amount of cash flow from revenue will be reported on the statement of cash flows? c. What is the net income for the period? d. What is the net cash flow from operating activities for the period? f. What is the amount of net cash flow from investing activities? g. What is the amount of net cash flow from financing activities? h. What amounts of total assets, liabilities, and equity will be reported on the year-end balance sheet? Complete this question by entering your answers in the tabs below. Accounting Equation Saved Req A to H Event 1. Sales on account 2. Collected accounts receivable 3. Incurred expense (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions.) (Enter any decreases to account balances with a minus sign. Not all cells require entry.) LEE INCORPORATED Effect of Events on the General Ledger Accounts Assets Accounts Receivable Cash Prev Land |||||| 3 of 6 Liabilities + Accounts Payable www www www + + + + Stockholders' Equity Retained Earnings Common Stock Help Next > + Save & Exit Submit Check my work

In Year 1, Lee incorporated billed its customers $56,200 for services performed. The company collected $41,900 of the amount biled Lee incurred $37,700 of other operating expenses on account, Lee paid $24,800 of the accounts payable. Lee acquired $31,000 cash from the issue of common stock. The company invested $15,000 cash in the purchase of land Required (Hint: Identify the sox events described in the paragraph and record them in perneral ledger accounts under an accounting equation before attempting to onswer the questions) Use the preceding information to answer the following questions a. Whot amount of revenue will Lee report on the Year 1 income statement? b. What amount of cash flow from revonue will be teported on the statement of cash flows? c. What is the net income for the period? d. What is the net cash flow from operating octivities for the period? f. What is the amount of net cash flow from investing activities? 9. What is the amount of net cash flow from financing activities? h. What amounts of total assets, liabilities, and equity will be teported on the yeaf-end balance sheet? Complete this question by entering your answers in the tabs below. answer the questions.) (Enter any decreases to account balarces inch a minus sign. Not ali cells require entry) In Year 1, Lee incorporated bilied its customers $56,200 for services performed. The compuny celected $41,900 of the amount billed. tee incurred $37,700 ot osher aperating expenses on account. Lee paid $24,800 of the accounts payable, Lee aceaired $31,000 cash from the issue of common stock. The compary invested $15,000 cosh in the purchase of land. Required (Hint: idemtify the six events described in the paragraph and record them in genecal ledger accounts under an accounting equation before attempting to answor the questions J Use the preseding information to answer the following questiens. a. What omount of revenue will Lee report on the Year 1 income statement? b. What amount of cash flow from tevenue will be ceported on the statement of cash flows? c. What is the net income for the period? d. What is the net cash fow trom operating activities for the period? f. What is the amount of net cash flow from investing activities? 0. What is the amount of net cash flow from financing actwities? h. What ormounts of total atsets, labaties, and equity wit be reported on the year-end balance sheet? Complete this question by entering vour answers in the tabs below