Required information [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 $12,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,300. 4. Collected $32,020 of the accounts receivable. 5. Recorded $7,100 of accrued salaries at the end of the year. 6. Paid a $1,100 cash dividend to the stockholders. . 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
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Help complete the third column, below Salaries Expense.
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Req B1
Req B2
Req B3
Req B4
Prepare the income statement for the Year 1 accounting period.
MILEA INC.
Income Statement
For the Year Ended December 31, Year 1
Revenue
2$
45,000
Expenses
Utilities expense
$
1,300
Salaries expense
7,100
8,400
$36,600
Accounts payable
< Req B1
Req B2 >
Accounts receivable
Cash
Common stock
Transcribed Image Text:8 Homework Saved Required information Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req B3 Req B4 Prepare the income statement for the Year 1 accounting period. MILEA INC. Income Statement For the Year Ended December 31, Year 1 Revenue 2$ 45,000 Expenses Utilities expense $ 1,300 Salaries expense 7,100 8,400 $36,600 Accounts payable < Req B1 Req B2 > Accounts receivable Cash Common stock
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Required information
[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 $12,000 cash from the issue of common stock.
2. Performed services on account for $45,000.
3. Paid the utility expense of $1,300.
4. Collected $32,020 of the accounts receivable.
5. Recorded $7,100 of accrued salaries at the end of the year.
6. Paid a $1,100 cash dividend to the stockholders.
. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for the
Year 1 accounting period.
Complete this question by entering your answers in the tabs blow.
Req B1
Req B2
Req B3
Req B4
Prepare the income statement for the Year 1 accounting period.
MILEA INC.
Income Statement
For the Year Ended December 31, Year 1
Revenue
$ 45,000
Transcribed Image Text:omework Saved Help Required information [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 $12,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,300. 4. Collected $32,020 of the accounts receivable. 5. Recorded $7,100 of accrued salaries at the end of the year. 6. Paid a $1,100 cash dividend to the stockholders. . Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for the Year 1 accounting period. Complete this question by entering your answers in the tabs blow. Req B1 Req B2 Req B3 Req B4 Prepare the income statement for the Year 1 accounting period. MILEA INC. Income Statement For the Year Ended December 31, Year 1 Revenue $ 45,000
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