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 $1,250.4. Collected $36,200 of the accounts receivable.5. Recorded $5,900 of accrued salaries at the end of the year.6. Paid a $1,300 cash dividend to the stockholders.Exercise 2-3A (Algo) Part bb. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for theYear 1 accounting period.Complete this question by entering your answers in the tabs below.Req B1AssetsPrepare the balance sheet for the Year 1 accounting period.CashAccounts receivableTotal assetsReq B2LiabilitiesSalaries payableReq B3Total liabilitiesStockholders' EquityCommon stockRetained earningsMILIA, INCORPORATEDBalance SheetAs of December 31, Year 1Req B4Total stockholders' equityTotal liabilities and stockholders' equity$ 5,900$ 13,50036,550$0$ 5,90050,050$ 55,950

Income statement is a financial statement that records all the income and expenses of the business…

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 $1,250. 4. Collected $36,200 of the accounts receivable. 5. Recorded $5,900 of accrued salaries at the end of the year. 6. Paid a $1,300 cash dividend to the stockholders. Exercise 2-3A (Algo) Part b b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for the Year 1 accounting period.

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 $1,250. 4. Collected $36,200 of the accounts receivable. 5. Recorded $5,900 of accrued salaries at the end of the year. 6. Paid a $1,300 cash dividend to the stockholders. Exercise 2-3A (Algo) Part b b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for the Year 1 accounting period.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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