Milea Incorporated experienced the following events in Year 1, its first year of operations: Received $14,500 cash
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Question:
Milea Incorporated experienced the following events in Year 1, its first year of operations:
- Received $14,500 cash from the issue of common stock.
- Performed services on account for $45,000.
- Paid the utility expense of $1,350.
- Collected $33,970 of the accounts receivable.
- Recorded $6,950 of accrued salaries at the end of the year.
- Paid a $1,500 cash dividend to the stockholders.
Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for the 2018 accounting period.
Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
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