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b-1. Prepare the income statement. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ MILEA INCORPORATED } \\ \hline \multicolumn{2}{|c|}{ As of December 31, Year 1 } \\ \hline Assets & & \\ \hline & & \\ \hline & & \\ \hline Total assets & & \\ \hline Liabilities & & \\ \hline & & \\ \hline & & \\ \hline Total liabilities & & \\ \hline Stockholders' Equity & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total stockholders' equity & & \\ \hline Total liabilities and stockholders' equity & & \\ \hline \hline \end{tabular} Required intormation Exercise 2-8A (Algo) Effect of accruals on the financial statements LO 2-2, 2-3, 2-4 [The following information applies to the questions displayed below.] Milea Incorporated experienced the following events in Year 1, its first year of operations: 1. Received $14,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,500. 4. Collected $30,620 of the accounts receivable. 5 . Recorded $7,100 of accrued salaries at the end of the year. 6. Paid a $1,200 cash dividend to the stockholders. Required: a. Record the events in accounts under an accounting equation. In the last column of the table, provide appropriate account titles for the Retained Earnings amounts. The first transaction has been recorded as an example. Note: Enter any decreases to account balances with a minus sign. Not all cells require an input - leave cells blank if there is no corresponding Retained Earnings input needed. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ MILEA INCORPORATED } \\ \hline \multicolumn{2}{|c|}{ For the Year Ended December 31, Year 1 } \\ \hline Cash flow from operating activities & & \\ \hline & & \\ \hline & & \\ \hline Net cash flow from operating activities & & $ \\ \hline Cash flow from investing activities & & \\ \hline Cash flow from financing activities & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Net cash flow from financing activities & & \\ \hline Net change in cash & & \\ \hline & & \\ \hline Ending cash balance & & \\ \hline \hline \end{tabular} b-2. Prepare the statement of changes in stockholders' equity. \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ MILEA INCORPORATED } \\ \hline \multicolumn{3}{|c|}{ Statement of Changes in Stockholders' Equity } \\ \hline \multicolumn{3}{|c|}{ For the Year Ended December 31, Year 1} \\ \hline \multicolumn{3}{|l|}{ Beginning common stock } \\ \hline & & \\ \hline Ending common stock & $ & 0 \\ \hline \multicolumn{3}{|l|}{ Beginning retained earnings } \\ \hline & & \\ \hline & & \\ \hline Ending retained earnings & & 0 \\ \hline Total stockholders' equity & $ & 0 \\ \hline \end{tabular} b-1. Prepare the income statement. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ MILEA INCORPORATED } \\ \hline \multicolumn{2}{|c|}{ As of December 31, Year 1 } \\ \hline Assets & & \\ \hline & & \\ \hline & & \\ \hline Total assets & & \\ \hline Liabilities & & \\ \hline & & \\ \hline & & \\ \hline Total liabilities & & \\ \hline Stockholders' Equity & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total stockholders' equity & & \\ \hline Total liabilities and stockholders' equity & & \\ \hline \hline \end{tabular} Required intormation Exercise 2-8A (Algo) Effect of accruals on the financial statements LO 2-2, 2-3, 2-4 [The following information applies to the questions displayed below.] Milea Incorporated experienced the following events in Year 1, its first year of operations: 1. Received $14,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,500. 4. Collected $30,620 of the accounts receivable. 5 . Recorded $7,100 of accrued salaries at the end of the year. 6. Paid a $1,200 cash dividend to the stockholders. Required: a. Record the events in accounts under an accounting equation. In the last column of the table, provide appropriate account titles for the Retained Earnings amounts. The first transaction has been recorded as an example. Note: Enter any decreases to account balances with a minus sign. Not all cells require an input - leave cells blank if there is no corresponding Retained Earnings input needed. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ MILEA INCORPORATED } \\ \hline \multicolumn{2}{|c|}{ For the Year Ended December 31, Year 1 } \\ \hline Cash flow from operating activities & & \\ \hline & & \\ \hline & & \\ \hline Net cash flow from operating activities & & $ \\ \hline Cash flow from investing activities & & \\ \hline Cash flow from financing activities & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Net cash flow from financing activities & & \\ \hline Net change in cash & & \\ \hline & & \\ \hline Ending cash balance & & \\ \hline \hline \end{tabular} b-2. Prepare the statement of changes in stockholders' equity. \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ MILEA INCORPORATED } \\ \hline \multicolumn{3}{|c|}{ Statement of Changes in Stockholders' Equity } \\ \hline \multicolumn{3}{|c|}{ For the Year Ended December 31, Year 1} \\ \hline \multicolumn{3}{|l|}{ Beginning common stock } \\ \hline & & \\ \hline Ending common stock & $ & 0 \\ \hline \multicolumn{3}{|l|}{ Beginning retained earnings } \\ \hline & & \\ \hline & & \\ \hline Ending retained earnings & & 0 \\ \hline Total stockholders' equity & $ & 0 \\ \hline \end{tabular}