Complete b to d

Problem: Module 1 Textbook Problem 8 Learning Objective: 1-9 Show how accounting for supplies affects financial statements Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $22,500 cash. 2. Purchased $7,000 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,300 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Reg A Req B1 Inc Stmt Req B2 Bal Sheet Req B3 CF Stmt Req C and D Prepare a balance sheet for the Year 1 accounting period. YARD PROFESSIONALS INC. Balance Sheet As of December 31, Year 1 Assets Total assets $ O Liabilities Total liabilities $ 0 Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 Prepare the statement of cash flows for the Year 1 accounting period. (Enter cash outflo YARD PROFESSIONALS INC. Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash 0 Ending cash balance $ 0