2 Prepare the statement of changes in stockholders equity 3 Prepare the balance sheet 4 Prepare the statement of cash flows for year 1 accounting period 1 Received $20,000 cash from the issue of common stock 2 Performed services on account for $56,000 3 Paid the utility expense of $2,500 4 Collected $48,000 of the accounts receivable 5 Recorded $10,000 of accrued salaries at the end of the year 6 Paid a $2,000 cash dividend to the stockholders b 1 Prepare the income statement MILEA INC Income Statement For the Year Ended December 31, Year 1 Expenses Total expenses

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2  Prepare the statement of changes in stockholders equity  3  Prepare the balance sheet  4  Prepare the statement of cash flows for year 1 accounting period  1  Received $20,000 cash from the issue of common stock  2  Performed services on account for $56,000  3  Paid the utility expense of $2,500  4  Collected $48,000 of the accounts receivable  5  Recorded $10,000 of accrued salaries at the end of the year  6  Paid a $2,000 cash dividend to the stockholders  b 1  Prepare the income statement  MILEA INC  Income Statement For the Year Ended December 31, Year 1 Expenses Total expenses

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2. Prepare the statement of changes in stockholders equity? 3. Prepare the balance sheet? 4. Prepare the statement of cash flows for year 1 accounting

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