2Freg 384 points On x I httpsnew connectmheducationcomflowco

%2Freg 384 points On x I https://new connect.mheducation.com/flow/connect.htmPisRegstrue&returnUrl; re https%3A%2F%2F mheducation.com%2Fpaamweb%2Findex.html%23%2R r 2 Exercises and Prob Chee During 2018, Chung Corporation earned $8,000 of cash revenue and accrued $5,000 of salaries expense. Required Based on this information alone: (Hint Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. Prepare the December 31, 2018, balance sheet b. Determine the amount of net income that Chung would report on the 2018 income statement c. Determine the amount of net cash flow from operating activities that Chung would report on the 2018 statement of cash flows. Complete this question by entering your answers in the tabs below. Ac Equation I ledger accounts under an accounting equation before Based on this information alone: (Hint: Record the events in genera satisfying the requirements.) (Enter any decreases to account balances with a minus sign.) CHUNG CORPORATION

Solution

a)

CHUNG CORPORATION

BALANCESHEET

AS ON DECEMBER 31,2018

b)

CHUNG CORPORATION

INCOMESTATEMENT

FOR THE YEAR ENDED DECEMBER 31,2018

c)

CHUNG CORPORATION

CASH FLOW STATEMENT

FOR THE YEAR ENDED DECEMBER 31,2018

CHUNG CORPORATION BALANCESHEET AS ON DECEMBER 31,2018
current asset
cash	8000
Total asset	8000
Liabiities and equity
Salaries payable	5000
Stockholders equity
Retained earnings [8000-5000]	3000
Total liabilities and stockholders equity	8000