CP 12 2 Refer to CP 121 Assume that the proprietorship is instead a corporation named R Black Ltd , with 1,000 shares of common stock issued on January 1, 2019 for a stated value of $5 per share Assume there are no opening retained earnings and consider withdrawals to be dividends Assume income taxes expense applies to corporate earnings Required 1 Prepare an income statement for the year ended December 31, 2019 2 Prepare a statement of changes in equity 3 Prepare a balance sheet at December 31, 2019 4 Prepare closing entries at year end CP 12 2 Refer to CP 121 Assume that the proprietorship is instead a corporation named R Black Ltd , with 1,000 shares of common stock issued on January 1, 2019 for a stated value of $5 per share Assume there are no opening retained earnings and consider withdrawals to be dividends Assume income taxes expense applies to corporate earnings Required 1 Prepare an income statement for the year ended December 31, 2019 2 Prepare a statement of changes in equity 3 Prepare a balance sheet at December 31, 2019 4 Prepare closing entries at year end

Question

CP 12 2 Refer to CP 121  Assume that the proprietorship is instead a corporation named R  Black Ltd , with 1,000 shares of common stock issued on January 1, 2019 for a stated value of $5 per share  Assume there are no opening retained earnings and consider withdrawals to be dividends  Assume income taxes expense applies to corporate earnings  Required  1  Prepare an income statement for the year ended December 31, 2019  2  Prepare a statement of changes in equity  3  Prepare a balance sheet at December 31, 2019  4  Prepare closing entries at year end  CP 12 2 Refer to CP 121  Assume that the proprietorship is instead a corporation named R  Black Ltd , with 1,000 shares of common stock issued on January 1, 2019 for a stated value of $5 per share  Assume there are no opening retained earnings and consider withdrawals to be dividends  Assume income taxes expense applies to corporate earnings  Required  1  Prepare an income statement for the year ended December 31, 2019  2  Prepare a statement of changes in equity  3  Prepare a balance sheet at December 31, 2019  4  Prepare closing entries at year end

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CP 12-2 Refer to CP 121. Assume that the proprietorship is instead a corporation named R. Black Ltd., with 1,000 shares of common stock issued

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