Algonquin Inc. began operations on August 1, 2013. As per its second year, Algonquin Inc.’s accounting system showed the information below. During the second year, additional shares of $3000 were issued. Complete the income statement, statement of changes in equity, and balance sheet. Accounts receivable $17,000 Accounts payable $3,000 Advertising Expense $ 5,000 Cash $ 9,000 Dividends $ 2,000 Insurance Expense $ 7,000 Machinery $ 14,000 Note payable $ 18,000 Retained Earnings $ 6,000 Salaries Expense $ 64,000 Service Revenue $ 81,000 Share Capital $ 10,000
Algonquin Inc. began operations on August 1, 2013. As per its second year, Algonquin Inc.’s accounting system showed the information below. During the second year, additional shares of $3000 were issued. Complete the income statement, statement of changes in equity, and
Accounts receivable $17,000
Accounts payable $3,000
Advertising Expense $ 5,000
Cash $ 9,000
Dividends $ 2,000
Insurance Expense $ 7,000
Machinery $ 14,000
Note payable $ 18,000
Salaries Expense $ 64,000
Service Revenue $ 81,000
Share Capital $ 10,000
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