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 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 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.) 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. 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. Problem: Module 1 Textbook Problem 9 Learning Objective: 1-10 Show how accounting for prepaid items affects financial statements Life, Inc., experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $30,000 cash. 2. On February 1 , Year 1 , paid $21,000 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2? Complete this question by entering your answers in the tabs below. Record the events under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) Problem: Module 1 Textbook Problem 9 Learning Objective: 1-10 Show how accounting for prepaid items affects financial statements Life, Inc., experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $30,000 cash. 2. On February 1 , Year 1 , paid $21,000 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2? Complete this question by entering your answers in the tabs below. Prepare an income statement for the Year 1 accounting period. (Do not round intermediate calculations.)