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Problem: Module 1 Textbook Problem 7 Learning Objective: 1-7 Show how payables affect financial statements During Year 1, Chung Corporation earned $6,500 of cash revenue and accrued $2,600 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. Based on this information alone: (Not all cells require input. Enter any decreases to account balances with a minus sign.) Required Based on this information alone: o. 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 flow Complete this question by entering your answers in the tabs below. Prepare the December 31 , Year 1, balance sheet. Problem: Module 1 Textbook Problem 7 Learning Objective: 1.7 Show how payables affect financial statements During Year 1, Chung Corporation earned $6,500 of cash revenue and accrued $2,600 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 f Complete this question by entering your answers in the tabs below. 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