Exercise $2-2$A $($Algo$)$ Effect of accrued expenses on the accounting equation and financial statements LO $2-2,2-3$

During Year $1,$ Chung Corporation earned $$6,500$ of cash revenue and accrued $$2,600$ 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:

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

Determine the amount of net income that Chung would report on the Year $1$ income statement.

Determine the amount of net cash flow from operating activities that Chung would report on the Year $1$ statement of cash flows. Exercise $2-2$A $($Algo$)$ Effect of accrued expenses on the accounting equation and financlal statements LO $2-2,2-3$

During Year $1,$ Chung Corporation earned $\backslash (\backslash$$ $6,500\backslash )$ of cash revenue and accrued $\backslash (\backslash$$ $2,600\backslash )$ 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. Equation

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

Note: Not all cells require input. Enter any decreases to account balances with a minus sign.