Business, 16.04.2020 23:28 savyblue1724707

During 2018, Chung Corporation earned $5,000 of cash revenue and accrued $3,100 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.) Prepare the December 31, 2018, balance sheet. Determine the amount of net income that Chung would report on the 2018 income statement. Determine the amount of net cash flow from operating activities that Chung would report on the 2018 statement of cash flows.

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During 2018, Chung Corporation earned $5,000 of cash revenue and accrued $3,100 of salaries expense....