Milea Incorporated experienced the following events in Year 1, its first year of operations: Received $18,000 cash
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Question:
Milea Incorporated experienced the following events in Year 1, its first year of operations:
- Received $18,000 cash from the issue of common stock.
- Performed services on account for $55,000.
- Paid the utility expense of $3,100.
- Collected $36,830 of the accounts receivable.
- Recorded $8,750 of accrued salaries at the end of the year.
- Paid a $500 cash dividend to the stockholders.
- Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for the Year 1 accounting period.
Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
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