During Year 1, Chung Corporation earned $4,800 of cash revenue and accrued $2,500 of salaries expense....

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During Year 1, Chung Corporation earned $4,800 of cash revenue and accrued $2,500 of salaries expense. Required Based on this information alone: 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. Complete this question by entering your answers in the tabs below. Accounting Equation Req A Req B and C Based on this information alone: (Not all cells require input. Enter any decreases to account balances with a minus sign.) CHUNG CORPORATION Accounting Equation - Year 1 Assets = Liabilities + Stockholders' Equity Event Cash = Salaries Payable Common + + Stock Retained Earnings Earned revenue Accrued salaries = + + + + Ending balance 0 = 0+ 0 + 0 During Year 1, Chung Corporation earned $4,800 of cash revenue and accrued $2,500 of salaries expense. Required Based on this information alone: 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. Complete this question by entering your answers in the tabs below. Accounting Equation Req A Req B and C Based on this information alone: (Not all cells require input. Enter any decreases to account balances with a minus sign.) CHUNG CORPORATION Accounting Equation - Year 1 Assets = Liabilities + Stockholders' Equity Event Cash = Salaries Payable Common + + Stock Retained Earnings Earned revenue Accrued salaries = + + + + Ending balance 0 = 0+ 0 + 0