During Year $1,$ Chung Corporation earned $$8,000$ of cash revenue and accrued $$5,000$ of salaries expense.

Required:

$($Hint$.$ Record the events in general ledger accounts under an accounting equation before satisfying the requirements.$)$ 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

$($Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.$)$

Note: Enter any decreases to account balances with a minus sign. Leave cells blank if no input is needed.

During Year $1,$ Chung Corporation earned $$8,000$ of cash revenue and accrued $$5,000$ of salaries expense.

Required:

$($Hint$.$ Record the events in general ledger accounts under an accounting equation before satisfying the requirements.$)$ 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

ReqA

Req $B$ and $C$

Prepare the December $31,$ Year $1,$ balance sheet.