The following events apply to lewis and harper, a public accounting firm, for the year 1 accounting period: performed $70,000 of services for clients on account. Performed $40,000 of services for cash. Incurred $36,000 of other operating expenses on account. Paid $10,000 cash to an employee for salary. Collected $47,000 cash from accounts receivable. Paid $16,000 cash on accounts payable. Paid a $8,000 cash dividend to the stockholders. Accrued salaries were $2,000 at the end of year 1.