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Required information [The following information applies to the questions displayed below.) Stuart Company began operations on January 1. year 1, by issuing common stock for

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Required information [The following information applies to the questions displayed below.) Stuart Company began operations on January 1. year 1, by issuing common stock for $35,000 cash. During year 1, Stuart recelved $52,900 cash from revenue and incurred costs that required $36,900 of cash payments. Required Prepare a GAAP.based income statement and balance sheet for Stuart Company for year 1, for the below scenario: a. Stuart is a promoter of rock concerts. The $36,900 was paid to provide a rock concert that produced the revenue. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an Income Statement STUART COMPANY Income Statement for Yoar 1 Sales revenue S Operating expenses 52.000 36,900 Netloss $ 16,000 Balance Sheet > Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare a Balance Sheet. STUART COMPANY Balance Sheet as of 12/31/Year 1 Assets 5 $ 0 Total assets Equity Total equity $

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