2. What amount of revenue will Lee report on year 1 income statement? 3. What am
ID: 2342058 • Letter: 2
Question
2. What amount of revenue will Lee report on year 1 income statement?
3. What amount of cash flow from revenue will be reported on the statement of cash flow‘s?
4. What is the net income for the period?
5. What is the net cash flow from operating activities for the period?
6.What is the amount of net cash flow from investing activities?
7. what is the amount of net cash flow from financing activities?
8. What amount of total assets, liabilities, and equity will be reported on the year and balance sheet? Ci In Year 1, Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Lee incurred $39,000 of other operating expenses on account, and paid $31,000 of the accounts payable. It acquired $40,000 cash from the issue of common stock and invested $21,000 cash in the purchase of land. before attempting to answer the questions.) Use the preceding information to answer the following questions: (Enter any decreases to account balances with a minus sign.) Event Cash Land 4. Paid 1 of 4 Next >
Explanation / Answer
Events ASSETS LIABILITIES STOCKHOLDER'S EQ Cash A/R land A/P CS RE 1 Sales on accounts 62,000 62,000 2 Collected accounts receivable 51,000 -51,000 3 Incurred expense 39,000 -39,000 4 paid accounts payable -31,000 -31,000 5 issue of stock 40,000 40,000 6 purchase land -21,000 21,000 Totals 39000 11,000 21000 8000 40000 23,000 2) Revenue to be reported on year 1 income statement $62,000 3) $51,000 cash from revenue will be reported 4) net income for the period $23,000 5) net cash flow from operating activities 51000-31000 $20,000 6) net cash flow from investing activities -21,000 7) net cash flow from financing actvities 40,000 8) total assets 71,000 total liabilities 8,000 total equities 63,000
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