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%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 CORPORATIONExplanation / Answer
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 8000Related Questions
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