Account for rent expense and prepare financial statements. (LO 4) On March 1, 2007, Quality Consulting Inc.
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Account for rent expense and prepare financial statements. (LO 4)
On March 1, 2007, Quality Consulting Inc. was formed when the owners contributed \(\$ 35,000\) cash in the business in exchange for common stock. On April 1, 2007, the company paid \(\$ 24,000\) cash to rent office space for the coming year. The consulting services generated \(\$ 62,000\) of cash revenue during 2007. Prepare an income statement, statement of changes in shareholders' equity, and statement of cash flows for the 10 months ended December 31, 2007, and a balance sheet at December 31, 2007.
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