b

Soved 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 $12,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Pald the utility expense of $1,200. 4. Collected $33,140 of the accounts receivable. 5. Recorded $7,150 of accrued salaries at the end of the year 6. Paid a $1,250 cash dividend to the stockholders. Required information 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 Expenses Utilities expense Salaries payable 0 Total expenses olo $ $ REG Req B2 RI MILEA INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock $ 0 Ending common stock Beginning retained earnings Plus: Net income 7 12,500 aces Ending retained earnings Total stockholders' equity 12,500 $ 12,500 MILLA INC 2 Balance Sheet As of December 31, Year 1 Assets Total assets $ 0 ok Liabilities t st Total liabilities $ 0 ences Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 LUTY MIVULUI Required information Statement OT Cash FIOWS For the Year Ended December 31, Year 1 Cash flow from operating activities $ o 0 Net cash flow from operating activities Cash flow from investing activities Cash flow from financing activities 0 Net cash flow from financing activities Net change in cash 0 0 Ending cash balance MILLA INC 2 Balance Sheet As of December 31, Year 1 Assets Total assets $ 0 ok Liabilities t st Total liabilities $ 0 ences Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 LUTY MIVULUI Required information Statement OT Cash FIOWS For the Year Ended December 31, Year 1 Cash flow from operating activities $ o 0 Net cash flow from operating activities Cash flow from investing activities Cash flow from financing activities 0 Net cash flow from financing activities Net change in cash 0 0 Ending cash balance