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i have done 1 and 2 need help with 3 please make a chart cash+land liability stock owner equity rev-exp= net inc statement if cash
i have done 1 and 2 need help with 3 please make a chart cash+land liability stock owner equity rev-exp= net inc statement if cash flow I give great rating!
Assume a business was started on January 1,2014 when it acquired $60,000 cash from its owner(s). During 2014 the company generated $29,000 of cash service revenue, incurred S19,000 of cash expenses, and distributed $4,000 cash to the owner(s). Required Prepare an income statement, a statement of changes in equity, and a balance sheet for each of the three altemative scenarios described below. The statement of changes in equity is called a capital statement for proprictorships and partncrships. It is called a statement of changes in stockholders' equity for corporations. 1. Sally Russell formed the business as a sole proprictorship. 2. Carl Link and Bill Morgan established the business as a partnership. Link contributed 60 percent of the capital and Morgan contributed the remaining 40 percent. The partners agreed to share profits and make withdrawals in proportion to their capital investments. 3. The business was established as a corporation. It issued 1,000 shares of no-par common stock for $60 per share Step by Step Solution
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