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Cordell Incorporated experienced the following events in Year 1, its first year of operation: Received $48,000 cash from the issue of common stock. Performed services
Cordell Incorporated experienced the following events in Year 1, its first year of operation: Received $48,000 cash from the issue of common stock. Performed services on account for $76,000. Paid a $4,800 cash dividend to the stockholders. Collected $54,000 of the accounts receivable. Paid $48,000 cash for other operating expenses. Performed services for $11,500 cash. Recognized $1,800 of accrued utilities expense at the end of the year
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