Home Insert Page Layout Formulas Data Keview View ME CU want to Calibri - 12 -A A e Wrap Text General Xcut Db Copy - Format Painter Clipboard 00 BLU- -A- Merge & Center - $ - % Font Alignment Number f 15 pts. B C D E F G . 1.5 The Accounting Equation and Financial Statements Problem and Directions: The New Life Dance Company had the following events during 2019: 1 Earned revenues of $50,000 5 2 Paid Cash for expenses of $23,000 3 Paid a $4,500 dividend to stockholders 7 8 Note: On the Balance Sheet under each major category (Asset, Liability and Stockholders Equity) Item, when you click in the yellow box, a drop down menu will appear. Select the correct item to complete the 9 information 10 11 a) Complete the accounting equation for the different transactions. 12 13 New Life Dance Company 14 Accounting Equation 15 Event Assets Liabilities Stockholders Equity 16 Cash + Common Stock + Retained Earnings 17 1 $ 50,000 S 50,000 18 2 S (23,000) $ (23,000) 19 3 S (4,500) S (4,500) 20 Total $ 22,500 $ $ 22,500 21 22 b) Prepare an income statement for 2019 23 24 The New Life Dance Company Problem 1.1 Problem 1.2 Problem 1.3 Problem 14 Problem 1.5 Problem 1.6 Type here to search e Hay P202m Clipboard Font Alignment 3 for B D E F G . Account Assets 2 3C) Prepare a year-end balance Sheet 4 The New Life Dance Company 5 Balance Sheet 66 As of December 31, 2019 87 38 Assets 39 Cash 23,000 40 Retainted Earnings 22500 41 Total Assets 42 Liabilities 43 44 Total Liabilities SAN 45 Stockholders Equity Retainted 46 Earnings 47 48 Total Stockholders Equity 49 Total Liabilities and Stockholders Equity $ 50 51 52 53 54 Problem 1.1 Problem 12 Problem 14 + Problem 1.3 Problem 1.5 Problem 1.6 Type here to search ay P202m F E G B D 3 C $ (4,500) $ 22,500 $ $ + = $ Total $ b) Prepare an income statement for 2019 Incomes Revenue The New Life Dance Company Income Statement For the Year Ended December 31, 2019 7 8 Revenue $ 50,000 9 Expense 23,000 30 Net Income $ 27,000 31 32 33 C) Prepare a year-end balance Sheet 34 The New Life Dance Company 35 Balance Sheet 36 As of December 31, 2019 37 38 Assets 39 Cash 23,000 40 Retainted Earnings 22500 41 Total Assets 42 Liabilities 43 Problem 1.1 Problem 12 Problem 1.3 Problem 1A Ready Accounting E Assets = Liab Problem 1.5 Problem 1.6 Type here to search Os Lay P202m CIF