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Milea Inc. experienced the following events in 2018, 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 $1,200.
4. Collected $30,150 of the accounts receivable.
5. Recorded $7,100 of accrued salaries at the end of the year.
6. Paid a $1,100 cash dividend to the stockholders.

2. Prepare the income statement, statement of changes in stockholders equity, balance sheet, and statement of cash flows for the 2018 accounting period.

• Req B1
• Req B2
• Req B3
• Req B4

Prepare the income statement.

MILEA INC.
Income Statement
For the Year Ended December 31, 2018
Expenses
Total expenses		0
		$0

• Req B2
• Req B3
• Req B4

Prepare the statement of changes in stockholders equity.

MILEA INC.
Statement of Changes in Stockholders Equity
For the Year Ended December 31, 2018
Beginning common stock
Ending common stock		$0
Beginning retained earnings
Ending retained earnings		0
Total stockholders equity		$0

Prepare the balance sheet.

MILEA INC.
Balance Sheet
As of December 31, 2018
Assets
Total assets		$0
Liabilities
Total liabilities		$0
Stockholders Equity
Total stockholders' equity		0
Total liabilities and stockholders' equity		$0

Prepare the statement of cash flows for the 2018 accounting period. (Amounts to be deducted should be indicated with a minus sign.)

MILEA INC.
Statement of Cash Flows
For the Year Ended December 31, 2018
Cash flow from operating activities
Net cash flow from operating activities		$0
Cash flow from investing activities
Cash flow from financing activities
Net cash flow from financing activities		0
Net change in cash		0
Ending cash balance		$0