Question: Hi, I need help preparing the income statement, balance sheet and cash flows for the following transactions, The following transactions apply to Hooper Co. for
Hi, I need help preparing the income statement, balance sheet and cash flows for the following transactions,
The following transactions apply to Hooper Co. for 2018, its first year of operations:
1. Issued $60,000 of common stock for cash.
2. Provided $88,000 of services on account.
3. Collected $72,000 cash from accounts receivable.
4. Loaned $15,000 to Mosby Co. on November 30, 2018. The note had a one-year term to maturity and a 10 percent interest rate.
5. Paid $34,000 of salaries expense for the year.
6. Paid a $3,000 dividend to the stockholders.
7. Recorded the accrued interest on December 31, 2018 (see item 4).
8. Estimated that 1 percent of service revenue will be uncollectible.
Required
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