Chapter 3 Homework 5 11.11 points 2015.04 Sipped Clark Bell started a personal financial planning business when he accepted $36,000 cash as advance payment for managing the financial assets of a large estate. Bell agreed to manage the estate for a one-year period beginning June 1, Year 1 Required: a. Show the effects of the advance payment and revenue recognition on the Year 1 financial statements using a horizontal statements model given below. In the Statement of Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash Note: Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input. CLARK BELL PERSONAL FINANCIAL PLANNING Horizontal Statements Model for Year 11 ellook References Balance Sheet Assets Stockholders' Income Statement Event Liabilities Equity Statement of Cash Flow Unearned Retained Cash Revenue Expense Net Income Revenue Earnings 1. Advance payment 2. Revenue eamed Totals 10- 0+ 0 0 Help Save & Exit S Check my w