In Year 1, Lee Incorporated billed its customers $56,300 for services performed. The company collected $40,600 of the amount billed. Lee incurred $37,900 of other operating expenses on account. Lee paid $24,400 of the accounts payable. Lee acquired $21,000 cash from the issue of common stock. The company invested $18,000 cash in the purchase of land. 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?
In Year 1, Lee Incorporated billed its customers $56,300 for services performed. The company collected $40,600 of the amount billed. Lee incurred $37,900 of other operating expenses on account. Lee paid $24,400 of the accounts payable. Lee acquired $21,000 cash from the issue of common stock. The company invested $18,000 cash in the purchase of land.
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?
e. what is amount of net cash flow from investing activities?
f. what is the amount of net cash flow from financing activities?
g. what amounts of total assets, liabilities, and equity will be reported on the year-end sheet?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
