Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Milea Inc, experienced the following events in 2018, Its first year of operations: 1. Received $15,000 cash from the issue of common stock. 2. Performed

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Milea Inc, experienced the following events in 2018, Its first year of operations: 1. Received $15,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,100. 4. Collected $32,920 of the accounts receivable. 5. Recorded $9,500 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' equilty, balance sheet, and statement of cash flows for the 2018 accounting period. Complete this question by entering your answers in the tabs below. Req B1 Req B2 Reg 13 Reg B4 Prepare the income statement. MILEA INC Income Statement For the Year Ended December 31, 2018 Common stock $ 15,000 Expenses Total expense 15.000 1. Received $15,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Pald the utility expense of $1,100. 4. Collected $32,920 of the accounts receivable. 5. Recorded $9,500 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 2018 accounting period. Complete this question by entering your answers in the tabs below. Req B1 Reg B2 Reg 33 Reg 14 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 Beginning retained earnings Ending retained earnings Total stockholders' equity 1. Received $15,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Pald the utility expense of $1,100. 4. Collected $32,920 of the accounts receivable. 5. Recorded $9,500 of accrued salaries at the end of the year. 6. Pald 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 2018 accounting period. Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req B3 Reg 34 Prepare the balance sheet. MILEA INC. Balance Sheet As of December 31, 2018 Total asset Liabilities b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for the 2018 accounting period. Complete this question by entering your answers in the tabs below. Req B1 Req B2 Reg B3 Req B4 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 Cash flow from investing activities Cash flow from financing activities Net cash flow from financing activities Net change in cash Ending cash balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategic Cost Analysis

Authors: Roger Hussey

1st Edition

160649239X, 9781606492390

More Books

Students also viewed these Accounting questions

Question

Do not come to the conclusion too quickly

Answered: 1 week ago

Question

Engage everyone in the dialogue

Answered: 1 week ago