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ACCT 2003 Fall 2018 Homework 4 You are required to submit homework through the Connect system. Most of those problems are algorithmic based, meaning each student will have different versions of the same problem. The facts in this worksheet are taken from the problems as presented in the textbook. Bring them with you to class and Friday study sessions as extra time may be used to discuss the homework assignment based on the facts contained in the textbook. E2-3 Milea Inc, experienced the following events in 2018, its first year of operations: 1. Received $20.000 cash from the issue of common stock. 2. Performed services on account for $56,000. 3. Paid the utility expense of $2.500. 4. Collected $48.000 of accounts receivable. 5. Recorded $10,000 of accrued salaries at the end of the year. 6. Paid a $2,000 cash dividend to the stockholders. Required: a. Record the events in general ledger accounts under an accounting equation. In the last column of the table, provide appropriate account titles for the Retained Earnings accounts. Event = Acct. Titles for RE Assets Accounts Receivable Liabilities + Salaries Payable Stockholders' Equity Common Retained Stock Earnings Cos 1. Issue stock 2. Svcs on account 3. Pay utility expense 4. Collect A/R 5. Accrue salaries 6. Paid dividend Balance 12/31/2018 b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for the 2018 accounting period. c. Why is the amount of net income different from the amount of net cash flow from operating activities? Milea, Inc Income Statement For the Year Ended December 31, 2018 Milea, Inc. Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 Milea, Inc. Balance Sheet As of December 31, 2018 Milea, Inc Statement of Cash Flows For the Year Ending December 31, 2018