Ollie Company experienced the following events during its first-year operations:1. Acquired $72,000 cash from the issue of common stock.2. Borrowed $26,000 from the First City Bank.3. Earned $59,000 of cash revenue.4. Incurred $43,000 of cash expenses.5. Paid a $7,000 cash dividend.6. Paid $43,000 to purchase land.Required:a. Identify the events that will affect the income statement.Note: Select all that apply.Event #1Event #2Event #3✓ Event #4Event #5Event #6b. Prepare an income statement that shows the results of Year 1 operations.OLLIE COMPANYIncome StatementFor the Year Ended December 31, Year 1$0

Name: Ollie Company experienced the following events during its first-year
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Description: Ollie Company experienced the following events during its first-year operations:1. Acquired $72,000 cash from the issue of common stock.2. Borrowed $26,000 from the First City Bank.3. Earned $59,000 of cash revenue.4. Incurred $43,000 of cash expens

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Ollie Company experienced the following events during its first-year operations: 1. Acquired $72,000 cash from the issue of common stock. 2. Borrowed $26,000 from the First City Bank. B. Earned $59,000 of cash revenue. 4. Incurred $43,000 of cash expenses. 5. Paid a $7,000 cash dividend. 5. Paid $43,000 to purchase land. Required: SC

Ollie Company experienced the following events during its first-year operations: 1. Acquired $72,000 cash from the issue of common stock. 2. Borrowed $26,000 from the First City Bank. B. Earned $59,000 of cash revenue. 4. Incurred $43,000 of cash expenses. 5. Paid a $7,000 cash dividend. 5. Paid $43,000 to purchase land. Required: SC

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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