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(Solved): In Year 1, Lee incorporated billed its customers $57,900 for services performed. The company collec ...




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student submitted image, transcription available below
student submitted image, transcription available below
In Year 1, Lee incorporated billed its customers for services performed. The company collected of the amount billed Lee incurred of other operating expenses on account, and paid of the accounts payable. It acquired cash from the issue of common stock and invested cash in the purchase of land. Required: (Hint: Identify the six events described in the poragraph and record them in accounts under an occounting equation before attempting to answer the questions.) Use the preceding information to answer the following questions: a. What amount of revenue will Lee report on the Year 1 income statement? b. What amount of cash flow from revenue will be reported on the statement of cash flows? c. What is the net income for the period? d. What is the net cash flow from operating activities for the period? t. What is the amount of net cash flow from investing activities? g. What is the amount of net cash flow from financing activities? . What amounts of total assets, liabilities, and stockholders' equity will be reported on the year-end balance sheet? Complete this question by entering your answers in the tabs below. (Hint: Identify the six events described in the paragraph and record them in accounts under an accounting equation before attempting to answer the questions,) Note: Enter any decreases to account balances with a minus sign. Complete this question by entering your answers in the tabs below. Use the preceding information to answer the following questions: a. What amount of revenue will Lee report on the Year 1 income statement? b. What amount of cash flow from revenue will be reported on the statement of cash flows? c. What is the net income for the period? d. What is the net cash flow from operating activities for the period? Note: Enter cash outflows as negative amounts. . What is the amount of net cash flow from investing activities? Note: Enter cash outflows as negative amounts. 9. What is the amount of net cash flow from financing activities? Note: Enter cash outflows as negative amounts. Note: Enter cash outflows as negative amounts: h. What amounts of total assets, llabilities, and stockholders' equity will be reported on the year-end balance sheet? Show less A


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