Bensen Company began operations when it acquired $60.000 cash from the issue of common stock on January 1, Year 1. The cash acquired was immediately used to purchase equipment for $50,000 that had a $10,000 salvage value and an expected useful life of four years. The equipment was used to produce the following revenue stream (assume all revenue transactions are for cash). At the beginning of the fifth year, the equipment was sold for $8,800 cash. Bensen uses straight-line depreciation. Year 1 Year 2 Year 3 Year 4 Year 5 Revenue 526,100 $28,500 $32,000 $31,3005 0 Required Prepare income statements, statements of changes in stockholders' equity, balance sheets, and statements of cash flows for each of the five years. (Statement of Cash Flows and Balance Sheet only: Items to be deducted must be indicated with a minus sign.) Bensen Company began operations when it acquired $60,000 cash from the issue of common stock on January 1, Year 1. The cash acquired was immediately used to purchase equipment for $50,000 that had a $10,000 salvage value and an expected useful life of four years. The equipment was used to produce the following revenue stream (assume all revenue transactions are for cash). At the beginning of the fifth year, the equipment was sold for $8,800 cash. Bensen uses straight-line depreciation. Revenue Year 1 Year 2 Year 3 $26,100 $28,500 $32,000 Year 4 $31,300 $ Year 5 0 Required Prepare income statements, statements of changes in stockholders' equity, balance sheets, and statements of cash flows for each of the five years. (Statement of Cash Flows and Balance Sheet only: Items to be deducted must be indicated with a minus sign.) Required Prepare income statements, statements of changes in stockholders' equity, balance sheets, and statements of cash flows for the five years. (Statement of Cash Flows and Balance Sheet only: Items to be deducted must be indicated with a minus si Complete this question by entering your answers in the tabs below. Income Stmt of Statement Statement of Balance Sheet Changes Cash Flows Prepare the statements of changes in stockholders' equity for each of the five years. (Amounts to be deducted and losses should be indicated by a minus sign.) BENSEN COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31 Year 1 Year 2 Year 3 Year 4 Year 5 Beginning common stock $ 66,100 $ 84,600 $ 106,600 $ 127,900 Plus: Stock issued 60,000 Ending common stock 60,000 60,000 66,100 84,600 106,600 Net incomellloss) 6.100 18,500 6,100 18,500 $ 66,100 $ 78.500 5 22.000 22,000 88,100 $ 21,300 21,300 105,900 $ (1.200) (1.200) 105,400 Total stockholders' equity Income Statement Balance Sheet > Complete this question by entering your answers in the tabs below. Income Stmt of Statement of Statement Changes Balance Sheet Cash Flows Prepare the balance sheets for each of the five years. (Amounts to be deducted should be indicated by a minus sign.) BENSEN COMPANY Balance Sheet As of December 31 Year 1 Year 2 Yoar 3 Year 4 Year 5 Assets $ 0 $ 0 $ 0 $ 0 $ 0 Total assets Stockholders' Equity Total stockholders' equity $ 0 $ 0 $ 0 0 $ 0 (Stmt of Changes Statement of Cash Flows > Income Statement Stmt of Changes Balance Sheet Statement of Cash Flows Prepare the statements of cash flows for each of the five years. (Cash outfiows should be indicated with a minus sign.) BENSEN COMPANY Statement of Cash Flows For the Year Ended December 31 Year 1 Year 2 Year 3 Year 4 Year 5 Operating activities 0 0 0 0 0 Net cash flow from operating activities Investing activities 0 0 0 Net cash investing activities Financing activities 0 0 0 0 0 Net cash flow from financing activities Net change in cash 0 0 0 0 0 Ending cash balance $ 0 $ 0 $ Os 0$ 0
