Required information [The following information applies to the questions displayed below.] Wang Company began operations on January 1, year 1, by issuing common stock for $70,000 cash. During year 1, Wang received $88,000 cash from revenue and incurred costs that required $65,000 of cash payments. Required Prepare a GAAP-based income statement and balance sheet for Wang Company for year 1, for the below scenario: b. Wang is in the car rental business. The $65,000 was paid to purchase automobiles. The automobiles were purchased on January 1, year 1, and have five-year useful lives, with no expected salvage value. Wang uses straight-line depreciation. The revenue was generated by leasing the automobiles. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an income statement. WANG COMPANY Income Statement for Year 1 Sales revenue 88,000 23,000 Depreciation expenses 65,000

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Chapter1: Financial Statements And Business Decisions
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  1. Wang is in the car rental business. The $65,000 was paid to purchase automobiles. The automobiles were purchased on January 1, year 1, and have five-year useful lives, with no expected salvage value. Wang uses straight-line depreciation. The revenue was generated by leasing the automobiles.

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Managerial Accounting 5805
M Question 4 - Ch. 1 Post-Cha...
М МНЕ Reader
V https://www.viddler.com/em...
C Wang Company Began Oper...
b Wang is in the car rental bu...
Check my work
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[The following information applies to the questions displayed below.]
Part 2 of 3
Wang Company began operations on January 1, year 1, by issuing common stock for $70,000 cash. During year 1, Wang
received $88,000 cash from revenue and incurred costs that required $65,000 of cash payments.
6.
points
Required
Prepare a GAAP-based income statement and balance sheet for Wang Company for year 1, for the below scenario:
еВook
b. Wang is in the car rental business. The $65,000 was paid to purchase automobiles. The automobiles were purchased on January 1,
year 1, and have five-year useful lives, with no expected salvage value. Wang uses straight-line depreciation. The revenue was
generated by leasing the automobiles.
Print
Complete this question by entering your answer in the tabs below.
References
Income
Balance Sheet
Statement
Prepare an income statement.
WANG COMPANY
Income Statement for Year 1
Sales revenue
$
88,000
Depreciation expenses
23,000
65,000
Income Statement
Balance Sheet >
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Transcribed Image Text:ezto.mheducation.com M Managerial Accounting 5805 M Question 4 - Ch. 1 Post-Cha... М МНЕ Reader V https://www.viddler.com/em... C Wang Company Began Oper... b Wang is in the car rental bu... Check my work ! Required information [The following information applies to the questions displayed below.] Part 2 of 3 Wang Company began operations on January 1, year 1, by issuing common stock for $70,000 cash. During year 1, Wang received $88,000 cash from revenue and incurred costs that required $65,000 of cash payments. 6. points Required Prepare a GAAP-based income statement and balance sheet for Wang Company for year 1, for the below scenario: еВook b. Wang is in the car rental business. The $65,000 was paid to purchase automobiles. The automobiles were purchased on January 1, year 1, and have five-year useful lives, with no expected salvage value. Wang uses straight-line depreciation. The revenue was generated by leasing the automobiles. Print Complete this question by entering your answer in the tabs below. References Income Balance Sheet Statement Prepare an income statement. WANG COMPANY Income Statement for Year 1 Sales revenue $ 88,000 Depreciation expenses 23,000 65,000 Income Statement Balance Sheet > Mc Graw Hill Education ( Prev 4 5 of 7 Next >
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