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  1. business
  2. accounting
  3. during year 1, chung corporation earned $5,400 of

During Year 1, Chung Corporation earned $5,400 of cash revenue and accrued $3,600 of salaries...

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Accounting

During Year 1, Chung Corporation earned $5,400 of cash revenue and accrued $3,600 of salaries expense.
Required:
Based on this information alone: (Hint: Record the events in accounts under an accounting equation before satisfying the requirements.)
Note: Enter any decreases to account balances with a minus sign.
Prepare the December 31, Year 1, balance sheet.
Determine the amount of net income that Chung would report on the Year 1 income statement.
Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows.

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