Refer to the data in BE4-10 for Oromocto Development Corporation. During the year, common shares were issued

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Refer to the data in BE4-10 for Oromocto Development Corporation. During the year, common shares were issued for $5,000 cash. Prepare an income statement, statement of changes in equity, and statement of financial position for the year.

In BE4-10

The unadjusted and adjusted trial balances for Oromocto Development Corporation at February 28, 2012, are as follows:

Refer to the data in BE4-10 for Oromocto Development Corporation.

The company adjusts its accounts annually. Selected data for the year-end adjustments are as follows:
1. Revenue earned but not yet billed, $2,000
2. Salaries incurred but not yet paid, $3,000
3. Depreciation expense, $4,400
4. Insurance expired, $3,500
5. Supplies used, $4,000
6. Estimated income tax expense, $300

Corporation
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Financial Accounting Tools for Business Decision Making

ISBN: 978-1118024492

5th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

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