Valmont, Inc., experienced the following events in 2012, in its first year of operation.

1.

Received $26,000 cash from the issue of common stock.

2.

Performed services on account for $46,000.

3.

Paid the utility expense of $4,100.

4.

Collected $42,000 of the accounts receivable.

5.

Recorded $8,600 of accrued salaries at the end of the year.

6.

Paid a $2,600 cash dividend to the shareholders.

(b)

Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for the 2012 accounting period. (Leave no cells blank - be certain to enter "0" wherever required. Amounts to be deducted should be indicated with a minus sign. On the income statement, record a minus sign for the total expenses but not for each individual expense. Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.)

Valmont, Inc. Income Statement For the Year Ended December 31, 2012
(Click to select)Rent expenseOperating expenseRevenueIncome tax expenseInterest expense		$
Expenses
(Click to select)Service revenueInterest expenseUtility expenseIncome tax expenseSalaries expense	$
(Click to select)Interest expenseUtility expenseSalaries expenseService revenueIncome tax expense
Total Expenses
(Click to select)Net lossNet income		$

Valmont, Inc. Statement of Changes in Stockholders Equity For the Year Ended December 31, 2012
(Click to select)Stockholder's equityBeginning common stockEnding cash balanceBeginning cash balanceRepayment of loan	$
(Click to select)Add: Common stock issuedEnding cash balanceStockholder's equityBeginning common stockEnding common stock
(Click to select)Ending common stockAdd: Common stock issuedEnding cash balanceBeginning common stockStockholder's equity		$
(Click to select)Beginning retained earningsBeginning cash balanceEnding retained earningsRepayment of loanEnding cash balance
(Click to select)Net lossAdd: Net incomeIssued stockShareholder's equityLess: Net income
(Click to select)Issued stockNet lossEnding retained earningsAdd: DividendsLess: Dividends
(Click to select)Ending retained earningsBeginning retained earningsPaid dividendsNet lossIssued stock
Total Stockholders' Equity		$

Valmont, Inc. Balance Sheet As of December 31, 2012
Assets
(Click to select)BuildingsCashLandVehiclesFurniture	$
(Click to select)VehiclesLandAccounts receivableFurnitureBuildings
Total Assets		$
Liabilities
(Click to select)Accounts payableSalaries payableNotes payableIncome tax payableInterest payable	$
Total Liabilities		$
Stockholders' Equity
(Click to select)Paid dividendsPreferred stockIssued stockPaid up stockCommon stock
(Click to select)Paid up stockPaid dividendsIssued stockPreferred stockRetained earnings
Total Stockholders' Equity
Total Liab. and Stockholders Equity		$

Valmont, Inc. Statement of Cash Flows For the Year Ended December 31, 2012
Cash Flow From Operating Activities
(Click to select)Cash paid to purchase landCash paid for expensesNet decrease in cashCash receipts from customersNet increase in cash	$
(Click to select)Cash receipts from customersNet decrease in cashCash paid for expensesNet increase in cashCash paid to purchase land
Net Cash Flow from Operating Act.		$
Cash Flow From Investing Activities
Cash Flow From Financing Activities
(Click to select)Issue of stockBank loanPaid dividendsRepayment of loanBeginning cash balance
(Click to select)Paid dividendsIssue of stockBeginning cash balanceRepayment of loanBank loan
Net Cash Flow from Financing Act.
(Click to select)Net change in cashBeginning cash balanceEnding cash balanceBank loanRepayment of loan
(Click to select)Add: Beginning cash balanceLess: Beginning cash balanceRepayment of loanBank loanCash balance
Ending Cash Balance		$