Creative Dog Training was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) Acquired $71,000 cash from the issuance of common stock; (2) earned cash revenues of $46,000; (3) paid cash expenses of $27,000; and (4) paid a $2,200 cash dividend to its stockholders. These were the only events that affected the company during Year 1. Required: Prepare an income statement, statement of changes in stockholders' equity, and a balance.
Creative Dog Training was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) Acquired $71,000 cash from the issuance of common stock; (2) earned cash revenues of $46,000; (3) paid cash expenses of $27,000; and (4) paid a $2,200 cash dividend to its stockholders. These were the only events that affected the company during Year 1. Required: Prepare an income statement, statement of changes in stockholders' equity, and a balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Income
Statement
Statement of
Changes
Prepare an income statement dated December 3:
CREATIVE DOG TRAINING
Income Statement
For the Year Ended December 31, Year 1
Accounts payable
Accounts receivable
Net income
Balance Sheet
Income
Statement
Assets
Show Transcribed Text
Total assets
$
Statement of
Changes
Prepare a balance sheet dated December 31, Year 1, for Creative Dog T
0
Liabilities
Stockholders' equity
S
Balance Sheet
CREATIVE DOG TRAINING
Balance Sheet
As of December 31, Year 1
Total stockholders' equity
Total liabilities and stockholders' equity
$
$
0
0
0"
Transcribed Image Text:Complete this question by entering your an
Income
Statement
Statement of
Changes
Prepare an income statement dated December 3:
CREATIVE DOG TRAINING
Income Statement
For the Year Ended December 31, Year 1
Accounts payable
Accounts receivable
Net income
Balance Sheet
Income
Statement
Assets
Show Transcribed Text
Total assets
$
Statement of
Changes
Prepare a balance sheet dated December 31, Year 1, for Creative Dog T
0
Liabilities
Stockholders' equity
S
Balance Sheet
CREATIVE DOG TRAINING
Balance Sheet
As of December 31, Year 1
Total stockholders' equity
Total liabilities and stockholders' equity
$
$
0
0
0

Transcribed Image Text:Creative Dog Training was started on January 1, Year 1. During Year 1, the company experienced the following three
accounting events: (1) Acquired $71,000 cash from the issuance of common stock; (2) earned cash revenues of $46,000;
(3) paid cash expenses of $27,000; and (4) paid a $2,200 cash dividend to its stockholders. These were the only events
that affected the company during Year 1.
Required: Prepare an income statement, statement of changes in stockholders' equity, and a balance.
Statement of
Changes
Prepare a statement of changes in stockholders' equity date
Income
Statement
CREATIVE DOG TRAINING
Statement of Changes in Stockholders' Equity
For the Year Ended December 31, Year 1
Beginning common stock
Plus: Common stock issued
Ending common stock
Beginning retained earnings
Balance Sheet
Ending retained earnings
Total stockholders' equity
$
$
0
0
0
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