Homework Chapter 7 1 Saved Help Save & Exit Submit Check my work Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: Events Affecting Year 1: 4 points 1. Provided $170,000 of cleaning services on account. 2. Collected $127,500 cash from accounts receivable. 3. Paid salaries of $38,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,400. The expense was determined using the percent of revenue method. eBook Required: Hint a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement, a balance sheet, and a statement of cash flows for Year 1. Print Complete this question by entering your answers in the tabs below. References Req A Req B1 Req B2 Req B3 Organize the transaction data in accounts under an accounting equation. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Balance Sheet Assets Equity Event NRV Account Titles for Retained Earnings Liabilities Cash Accounts Retained Receivable Earnings Year 1 1 . + 2. + + + 11 11 11 3. + 4. Balance + + Mc Graw HillHomework Chapter 7 i Saved Help Save & Exit Submit Check my work Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: Events Affecting Year 1: 4 points 1. Provided $170,000 of cleaning services on account. 2. Collected $127,500 cash from accounts receivable. 3. Paid salaries of $38,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,400. The expense was determined using the percent of revenue method. eBook Required: Hint a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement, a balance sheet, and a statement of cash flows for Year 1. Print Complete this question by entering your answers in the tabs below. References Req A Req B1 Req B2 Req B3 Prepare an income statement for Year 1. HOLMES CLEANING SERVICE Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses Mc Graw HillHomework Chapter 7 i Saved Help Save & Exit Submit Check my work Events Affecting Year 1: 1. Provided $170,000 of cleaning services on account. 2. Collected $127,500 cash from accounts receivable. 4 3. Paid salaries of $38,000 for the year. points 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,400. The expense was determined using the percent of revenue method. Required: Book a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement, a balance sheet, and a statement of cash flows for Year 1. Hint Complete this question by entering your answers in the tabs below. Print Req A Req B1 Req B2 Req B3 References Prepare a balance sheet for Year 1. HOLMES CLEANING SERVICE Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Mc Graw HillHomework Chapter 7 i Saved Help Save & Exit Submit Check my work 1. Provided $1/V,UVU Of cleaning services on account. 2. Collected $127,500 cash from accounts receivable. 3. Paid salaries of $38,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,400. The expense was determined using the percent of revenue method. 4 points Required: a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement, a balance sheet, and a statement of cash flows for Year 1. eBook Complete this question by entering your answers in the tabs below. Hint Req A Req B1 Req B2 Req B3 Print Prepare a statement of cash flows for Year 1 Note: Amounts to be deducted should be indicated with a minus sign. References HOLMES CLEANING SERVICE Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance Req B2 Req B3 Mc Graw Hill