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i need help with this question. it is asking to hand write an income statment, statment of stockholders equity, and balance sheet for the information
i need help with this question. it is asking to hand write an income statment, statment of stockholders equity, and balance sheet for the information given. thank you
Problem. Write your answer in the space provided or on a separate sheet of paper. 31) Hernandez Company began business operations and experienced the following transactions during Year 1 , its first year of operations: 1.1) Issued common stock for $50,000cash. 2.2) Provided services to customers for $125,000 on account. 3.3) Purchased \$2,500 of supplies on account. 4.4) Paid $30,000 cash to rent office space for a 12-month period beginning July 1. 5.5) Collected $115,000 cash from customers. 6.6) Paid cash for $90,000 of operating expenses. 7.7) Adjusted the accounting records to reflect that there was $750 of supplies remaining on hand at yearend. 8.8) Recorded a year-end adjustment to recognize rent expense. The transactions from the 8 transactions above are recorded in the table below. Required: 1.a) Prepare Hernandez Company's income statement, balance sheet and statement of stockholders' equity for the year ended December 31, Year 1. Statement of Stockholders' Equity Balance Sheet Step by Step Solution
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