Unit1Test Chapters 1-3 0 Saved Help Save& Exlt Submlt ; Required information [The following information applies to the questions displayed below] Milea Incorporated experienced the following events in Year 1, its rst year of operations: Received $15,500 cash from the issue of common stock. Performed services on account for $45,000. Paid the utility expense of $1,350. Collected $38,100 of the accounts receivable Recorded $5,050 of accrued salaries at the end of the year. Paid a $1,350 cash dividend to the stockholders. P'P'wa'r' b-1. Prepare the income statement. $ 45,000 __ s v 1,350 6,400 $ 38,600 Total expenses et income b-2. Prepare the statement of changes in stockholders' equity. OD % Saved Help Save & Exit Submit Unit1Test Chapters 1-3 0 0Required information Utility expense $ 1,350 ma~za Total expenses at income 6,400 $ 38,600 Part2 of2 b-2. Prepare the statement of changes in stockholders' equity. Beginning common stock ess: Common stock issued 15,500 Ending common stock $ 15,500 Beginning retained earnings Less: D dend Ending re ned earn gs Total stockholders equity 3 15,500 0 b-3. Prepare the balance sheet a.) g Unit1Test Chapters 1-3 0 Saved Help Save& Exit Submit 3 Required information b-3. Prepare the balance sheet. Assets Accounts receivable Total assets $ 59,150 Liabilities Salaries payable $ 5.05 Total liabilities $ 5,050 Stockholders' Equity Common stock I! Retained earnings Total stockholders' equity 15,500 Total liabilities and stockholders' equity 3 20,550 b4. Prepare the statement of cash ows for the Year 1 accounting period. Note: Amounts to be deducted and cash outflows should be indicated with a minus sign. (.9 g Unit1Test Chapters 1-3 0 Saved Help Save& Exit Submit 2 ne._:_s.. \".4.\" I ,1 I I Required information mu. swwwmem we\