Question: Pls answer all, this is all one question Help Required information Exercise 2-3A (Algo) Effect of accruals on the financial statements LO 2-1, 2-2, 2-3

![2-3 [The following information applies to the questions displayed below] Milea Incorporated](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2024/10/671660d9bc1fb_833671660d94490e.jpg)



Help Required information Exercise 2-3A (Algo) Effect of accruals on the financial statements LO 2-1, 2-2, 2-3 [The following information applies to the questions displayed below] Milea Incorporated experienced the following events in Year 1, its first year of operations: 1. Received $15,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,450. 4. Collected $37,240 of the accounts receivable. 5. Recorded $8,700 of accrued salaries at the end of the year. 6. Paid a $1,000 cash dividend to the stockholders. Exercise 2-3A (Algo) Part a Required a. Record the events in general ledger accounts under an accounting equation. In the last column of the table, provide appropriate account titles for the Retained Earnings amounts. The first transaction has been recorded as an example. (Not all cells require input. Enter any decreases to account balances with a minus sign.) bes Required information a. Record the events in general ledger accounts under an accounting equation. In the last column of the table, provide appropriate account titles for the Retained Earnings amounts. The first transaction has been recorded as an example. (Not all cells require input. Enter any decreases to account balances with a minus sign.) MILIA, INCORPORATED General Ledger Accounts For the Year Ended December 31, Year 1 Assets Liabilities Salarios Account Titles for Retained Earnings Event Payable 1. 2. 3. 4 5. 6. Totals Cash 15,500 15,500 Accounts Receivable H 0 = 0 + + . ++ + Stockholders' Equity Common Retained Stock Earnings 15,500 0 15,500 b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and s Year 1 accounting period. Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req B3 Req B4 Prepare the income statement for the Year 1 accounting period. MILIA, INCORPORATED Income Statement For the Year Ended December 31, Year 1 Expenses Total expenses 0 0 www. Complete this question by entering your answers in the tabs below. Req B1 Red B2 Req B3 Req B4 Prepare the statement of changes in stockholders' equity for the Year 1 accounting period. MILIA, INCORPORATED Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock Ending common stock 0 Beginning retained earnings 0 Ending retained earnings Total stockholders' equity 0 Mons $
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