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.
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 $1,100 cash dividend to the stockholders. . Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for the Year 1 accounting period.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Help complete the third column, below Salaries Expense.
Transcribed Image Text:8 Homework
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Required information
Complete this question by entering your answers in the tabs below.
Req B1
Req B2
Req B3
Req B4
Prepare the income statement for the Year 1 accounting period.
MILEA INC.
Income Statement
For the Year Ended December 31, Year 1
Revenue
2$
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
![omework
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdcd289bd-54ab-4e8a-962a-c9351c6f586f%2F330b6066-0e05-4cf0-8d11-cd0e9afd6c4d%2Fpcd2non_processed.jpeg&w=3840&q=75)
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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