Semester Review Assignment (Fall 2019) 6 Clark Bell started a personal financial planning business when he accepted $55,000 cash as advance payment for managing the financial assets of a large estate, Bell agreed to manage the estate for a one-year period beginning June 1 Year 1 Required 8. Show the effects of the advance payment and revenue recognition on the Year financial statements using a horizontal statements model given below In the Statement of Cash Flows column, use OA to designate operating activity, IA for mvesting activity. FATON financing activity, and NC for net change in cash (Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells in the Statement of Cash Flows column may require an input- leave cells blank if there is no corresponding input needed.) 1 CLARK BELL PERSONAL FINANCIAL PLANNING Horizontal Statements Model for Year 1 Balance Sheet al Event Assets Labies - Equity Expehe Net Income Statement of Cash Flows Cash Retained Unearned Reven 55.000 OA 1. Advance payment 2. Reveamed 55,000 b. How much revenue would Bell recognize on the Year 2 income statement? (Do not round intermediate calculations and round your final answer to nearest whole number) Revenue atretond in Year Earnings Revenue 55,000 + 55,000 = 55,000 AOA 1. Advance payment 2. Revenue eamed Totals 55,000 55,000 55,000 b. How much revenue would Bell recognize on the Year 2 income statement? (Do not round intermediate calculations and ro your final answer to nearest whole number.) Revenue to be recognized in Year 2 c. What is the amount of cash flow from operating activities in Year 2? Amount of cash flow from operating activities