LD 2, 3, 5, 6 excel Problem 1-30A Preparing financial statements for two complet Webster Consulting experienced the following transactions for 2011, its first year of operations, and 2012. Assume that all transactions involve the receipt or payment of cash. Transactions for 2011 1. Acquired $20,000 by issuing common stock. 2. Received $35,000 cash for providing services to customers. 3. Borrowed $25,000 cash from creditors. 4. Paid expenses amounting to $22,000. 5. Purchased land for $30,000 cash. Transactions for 2012 Beginning account balances for 2012 are: Cash $28,000 Land 30,000 Notes payable 25,000 Common stock. 20,000 Retained earnings 13,000 An Introduction to Accounting CHECK FIGURES a. Net Income 2011: $13,000 b. Retained Earnings 2012 $33,500 39