Connect 2 7 A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 B Event Cash Totals 0 51 000 0 31 000 40 000 21 000 39 000 C Assets Land 0 0 0 0 0 21 000 21 000 D A R 62 000 51 000 0 0 0 0 11 000 A B C D E 62 000 for Revenue 51 000 for Cash Flow 23 000 for Net Income 51 000 for Net Cash Flow OPA F G H 21 000 for Net Cash Flow IA 9 000 for Net Cash Flow FA Lee Inc Balance Sheet As Of the Year Ended 12 31 2016 Assets Cash 39 000 Land 21 000 A R 11 000 Total Asset 71 000 Liabilities A P 8 000 Total Liabil 8 000 Equity C S 40 000 R E 23 000 Total Equity 63 000 Total Equity 71 000 And Liabilities E F G H I J K Liabilities Owners Equity Cash Flow A P C S R E 0 0 62 000 Revenue N A 0 0 0 51 000 39 000 0 39 000 Op Expens N A 31 000 0 0 31000 0 40 000 0 40 000 0 0 0 21000 8 000 40 000 23 000 Net Cash Flow 39 000 Net Income is different from Net Cash Flow because of timing differences Net income reflects whenever revenue or expenses are recorded but Net Cash Flow includes only when the cash account is effected Connect 2 7 L 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40