Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Milea Inc. experienced the following events in Year 1, its first year of operations: 1. Received $15,500 cash from the issue of common stock. 2.
Milea Inc. experienced the following events in Year 1, its first year of operations: 1. Received $15,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,200. 4. Collected $31,460 of the accounts receivable. 5. Recorded $8,200 of accrued salaries at the end of the year. 6. Paid a $900 cash dividend to the stockholders. b-2. Prepare the statement of changes in stockholders' equity. MILEA INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock $ 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ 0 b-3. Prepare the balance sheet. MILEA INC. Balance Sheet As of December 31, Year 1 Assets Total assets $ 0 Liabilities Total liabilities $ 0 Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 0 $ 0 b-4. Prepare the statement of cash flows for the Year 1 accounting period. (Amounts to be deducted and cash outflows should be indicated with a minus sign.) MILEA INC Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities $ 0 Net cash flow from operating activities Cash flow from investing activities Cash flow from financing activities 0 Net cash flow from financing activities Not change in cash $ 0 Ending cash balance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started