[The following information applies to the questions displayed below Milea Inc. e

Question

[The following information applies to the questions displayed below Milea Inc. experienced the following events in Year 1, its first year of operations: 1. Received $13,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,400 4. Collected $39,700 of the accounts receivable. 5. Recorded $6,950 of accrued salaries at the end of the year. 6. Paid a $1,000 cash dividend to the stockholders. b-1. Prepare the income statement. MILEA, INC. Income Statement For the Year Ended December 31, Year 1 Expenses Salaries expense Utility expense $ 6,950 1,400 Total expenses (8,350)

Explanation / Answer

Income statement :

MILEA INC. Income statement For the year ended december 31, year 1 Revenue Service revenue 45000 Expense Utilities expense 1400 Salary expense 6950 Total expense 8350 Net income (loss) 36650

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