Question
NEED HELP PLEASE ABC Co. had the following transactions during January 2019: a.Individual deposited $50,000 into ABC Co.'s bank account in exchange for stock b.Co.
NEED HELP PLEASE
ABC Co. had the following transactions during January 2019:
a.Individual deposited $50,000 into ABC Co.'s bank account in exchange for stock
b.Co. received a loan from the Bank of UIW for $500,000
c.Co. purchased building for $500,000
d.company provides services of $50,000 to customers on account
e.on 1/1 you purchased a 6 month insurance policy for $12,000
f.provided services to customers for $10,000 on account
g.received cash of $20,000 for services not yet provided
h.during the month, Co. paid expenses of $5,000
i.Co. decided to paid dividends of $5,000
a1 received $10,000 for services previously provided in transaction f
a2 its the end of the month, make the appropriate adjustments to any prepaids previously recorded
a3 made a loan payment to the Bank of UIW for $10,000
Prepare ABC's Income Statement from the data above. (Accrual Method)
Prepare a Statement of Retained Earnings from the data above. (Accrual Method)
Prepare a Balance Sheet for ABC Co. from the above data. (Accrual Method)
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