.NAPTER2 HOMIWCNX Help Save & Ei CHAPTER 2-HOMEWORK 14 The following events apply to Lewis and Harper, a public accounting frm, for the Year 1 accounting period 1 Performed $70,000 of services for cients on account 2. Performed $40,000 of services for casth 3. Incurred $36,000 of other operating expenses on account 4. Paid $10.000 cash to an employee for salary 5 Collected $47000 cash from accounts receivable 6. Paid $16 000 cash on accounts payable 7. Paid a $8,000 cash dividend to the stockholders Accrued salanes were S2000 at the end of Year 1. Required a. Show the effects of the events on the financial statements using a horizontal statements model like the folowing one. In the Cash Flow column, use QA to designate operating actvity IA for investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. The first event is shown as an example b. What is the amount c. What is the balance of accounts receivable at the end of Year 1? d. What is the balance of accounts payable at the end of Year t What is net income for Year 1? of total assets at the end of Year 1? g. What is the amount of net cash flow from operating activities for Year 1? Prev 14 of 14 Nex to search Help S CHAPTER 2 HOME WORK O 14 c. What is the balance of accourts receivable at the end of Year1 d. What is the balance of accounts payable at the end of Year ? f.what is net rcomer for Year g. What is the amount of net cash flow trom operating activities for Year T Complete this question by entering your anwers in the tabs below What is the amount of net coow from operating activities for Year 17 Prev 14 of 14 Next O Type here to search