2. Prepare the statement of changes in stockholders equity? 3. Prepare the balan

Question

2. Prepare the statement of changes in stockholders equity?
3. Prepare the balance sheet?
4. Prepare the statement of cash flows for year 1 accounting period? 1. Received $20,000 cash from the issue of common stock. 2. Performed services on account for $56,000. 3. Paid the utility expense of $2,500. 4. Collected $48,000 of the accounts receivable. 5. Recorded $10,000 of accrued salaries at the end of the year. 6. Paid a $2,000 cash dividend to the stockholders. b-1. Prepare the income statement. MILEA INC. Income Statement For the Year Ended December 31, Year 1 Expenses Total expenses

Explanation / Answer

Solution 1:

Solution 2:

Solution 3:

Solution 4:

Milea Inc. Income Statement For the year ended December 31, Year 1 Particulars Amount Revenues $56,000.00 Expenses: Utilities Expense $2,500.00 Salaries Expense $10,000.00 Total expenses $12,500.00 Net Income $43,500.00

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