Business, 20.02.2020 00:48 quoia89

Milea Inc. experienced the following events in Year 1, its first year of operations:

1. Received $13,500 cash from the issue of common stock

2. Performed services on account for $45,000

3. Pald the utility expense of $1,150.

4. Collected $36,540 of the accounts receivable.

5. Recorded $8,100 of accrued salaries at the end of the year

6. Paid a $1,050 cash dividend to the stockholders.

Required

1. Prepare the income statement

2. Prepare the statement of changes in stockholders' equity

3. Prepare the balance sheet as of December 31.

4. Prepare the statement of cash flows for the Year 1 accounting period.

Answers: 3

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Milea Inc. experienced the following events in Year 1, its first year of operations:

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