4. In Year 1, Lee Inc. billed its customers $57,600 for services performed. The company collected $41,600 of the amount billed. Lee
incurred $37,100 of other operating expenses on account, and paid $23,000 of the accounts payable. It acquired $38,000 cash from
the issue of common stock and invested $11,000 cash in the purchase of land.
& 00:57:04
Required
(Hint: Identify the six events described in the paragraph and record them in accounts under an accounting equation before attempting
to answer the questions. Use the preceding information to answer the following questions:
0. 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?
f. What is the amount of net cash flow from investing activities?
g. What is the amount of net cash flow from financing activities?
h. 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.
Accounting
Equation
Reg A to H
(Hint: Identify the six events described in the paragraph and record them in accounts under an accounting equation before attempting to answer the questions.) (E
decreases to account balances with a minus sign.)
LEE INC.
Effe
of
on the Accounts
Accounting Equation
Event
Assets
Accounts
Receivable
Liabilities +
Accounts
Payable
Stockholders' Equity
Common Retained
Stock
Earnings
Cash
+
Land
=
1 Sales on account