Required information (The following information applies to the questions displayed below] Miloa Inc experienced the following events in Year 1, its first year of operations: 1. Received $16.000 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 $39,400 of the accounts receivable. 5. Recorded $7.900 of accrued salaries at the end of the year. 6. Paid a $1,500 cash dividend to the stockholders, Required 2 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 INO. General Ledger Accounts For the Year Ended December 31, Yeart Liabilities Stockholders' Equity Accounts Salaries Common Retained Receivable Payable Stock Earning 16,000 Accounts Titles for Retained Earnings Event Ganh 1 16,000 2 3 11.300) ### 4 39.400 - 11,300) Ullity expense 39,400 Revenue 7.900Revenue (1.500) Dividend 44.500 5 0 7.900 (1.500) 21.100 0. 39,400 - Total 16,000 Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req 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 Revenue $ 45,000 Expenses Utilities expense 1,300 Salaries expense 9,300 Total expenses 10,600 $ 34,400 Req B1 Req B2 > Complete this question by entering your answers in the tabs below. Req B1 Reg B2 Req B3 Reg B4 Prepare the statement of changes in stockholders' equity for the Year 1 accounting period. MILEA INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock $ 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity 0 Req B1 Req B3 > Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req B3 Req B4 Prepare the balance sheet for the Year 1 accounting period. MILEA INC. Balance Sheet As of December 31, Year 1 Assets $ Total assets $ 0 Liabilities $ 0 Total liabilities Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 Required information Req B1 Req B2 Req B3 Req B4 Prepare the statement of cash flows for the Year 1 accounting period. (Enter cash outflows wit MILEA INC. Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities $ Net cash flow from operating activities Cash flow from investing activities Cash flow from financing activities 0 Net cash flow from financing activities Net change in cash 0 Ending cash balance $ 0
