Question: PLEASE EXPLAIN On August 1, 2010, Accurate Consulting, Inc. was formed when the owners contributed $35,000 cash to the business in exchange for common stock.

PLEASE EXPLAIN

PLEASE EXPLAIN On August 1, 2010, Accurate

On August 1, 2010, Accurate Consulting, Inc. was formed when the owners contributed $35,000 cash to the business in exchange for common stock. On September 1, 2010, the company paid $19,200 cash to rent office space for the coming year. The consulting services generated $95,000 of cash revenue during 2010. Prepare an income statement, statement of changes in shareholders' equity, and statement of cash flows for the 5 months ended December 31, 2010, and a balance sheet at December 31, 2010 Prepare the income statement for the 5 months ended December 31, 2010 Begin by selecting the heading. Then complete the income statement. Accurate Consulting, Inc. Income Statement For the 5 months ended December 31, 2010

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

#1 PART A: (30pts) Strand Corp has 200,000 shares of $5 par Common Stock authorized and 100,000 shares of $15 par Preferred Stock authorized Using the Balance Sheet Equation below, account for the...

E3-34A. Account for rent expense and prepare financial statements. (LO 4). On March 1, 2010, Quality Consulting, Inc., was formed when the owners contributed $35,000 cash to the business in exchange...

On March 1, 2010, Quality Consulting, Inc., was formed when the owners contributed $35,000 cash to the business in exchange for common stock. On April 1, 2010, the company paid $24,000 cash to rent...

i need 5 balance sheets for Auto Zone company from the resources "attachments and the link below" for the last 5 years, 2011-2012-2013-2014-2015 with the sixth page including the total income and...

Practice Set #2 James Stafford is age 68 in 2022 . He lives with his spouse at 1500 North Jamboree, Irvine, CA 92602 (which was sold in 2022 see below) His Social Security number is 122 652112 ....

Will you give me Form 1040 PDf? Practice Set #2 James Stafford is age 68 in 2022 . He lives with his spouse at 1500 North Jamboree, Irvine, CA 92602 (which was sold in 2022 see below) His Social...

Hi Sara, Please find my attachments for your information. Thank you Masoumeh P 3-2 P 3-2 The following information was obtained from the accounts of Lukes, Inc., as of December 31, 2012. It is...

ANSWER ALL QUESTIONS This can be. done by going through each problem step by step. Please make sure the answer is correct. Closing entries may involve posting a debit to the: Accumulated Depreciation...

The electric field in terms of spherical coordinates is defined as follows: E = krr Here, k is the constant. Obtain the expression for the charge density. (A) 5k,r? (B) 2k,r? (C) 4k,r? (D) k,r?

Using examples from the UK, discuss the ways in which a persons socio-economic class and his/her social situation can have an impact of his/her health.

Variables that influence psychosocial factors in interactive toys for ages 1 2 months to 3 6 months

Noah Lott plc has issued 10% bonds that are redeemable at par in three years time. Interest is paid annually, and the interest payment for the most recent year has just been paid. The current market...