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Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the following events in Year 1, its first year of operations:
Required information [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 $16,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,300. 4. Collected $31,980 of the accounts receivable. 5. Recorded $5,000 of accrued salaries at the end of the year. 6. Paid a $950 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 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.) MILEA INC. General Ledger Accounts For the Year Ended December 31, Year 1 Assets Liabilities + Stockholders' Equity Accounts Salaries Common Retained Cash Recevable Payable Stock Earnings 16,500 16,500 Accounts Titles for Retained Earnings + Event + 1. 2. 3. = ++ A 5. 6. . Totals 16,500 0 0+ 16,500 0 Required information [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 $16,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,300. 4. Collected $31,980 of the accounts receivable. 5. Recorded $5,000 of accrued salaries at the end of the year. 6. Paid a $950 cash dividend to the stockholders. b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for the Year 1 accounting period. Complete this question by entering your answers in the tabs below. Req B1 Req B2 Reg B3 Req B4 Prepare the income statement for the Year 1 accounting period. MILEA INC. Income Statement For the Year Ended December 31, Year 1 Expenses Total expenses 0 $ 0
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