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Required information Exercise 2-3A (Algo) Effect of accruals on the financial statements LO 2-1, 2-2, 2-3 [The following information applies to the questions displayed below]

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Required information Exercise 2-3A (Algo) Effect of accruals on the financial statements LO 2-1, 2-2, 2-3 [The following information applies to the questions displayed below] 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 $1,050. 4. Collected $39,230 of the accounts receivable. 5. Recorded $6,400 of accrued salaries at the end of the year. 6. Paid a $1,450 cash dividend to the stockholders. Exercise 2-3A (Algo) Part a Required a. Record the events in general ledger accounts under an occounting equation. In the last column of the table, provide appropriate account titles for the Retained Earnings amounts. The first transdction has been recorded as an example. (If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require input. Enter any decreases to account balances with a minus sign.) 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 amounts. The first transaction has been recorded as an example. (If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require input. Enter any decreases to account balances with a minus sign.) b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and sttement of cash flows for the Year 1 accounting period. Complete this question by entering your answers in the tabs below. Prepare the income statement for the Year 1 accounting period. Complete this question by entering your answers in the tabs below. Prepare the statement of changes in stockholders' equity for the Year 1 accounting period. Prepare the balance sheet for the Year 1 accounting period. MILEA INC. Statement of Cash Flows For the Year Ended December 31, Year 1

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