Homework Answers
| MILEA, INC. | ||||||||
| General Ledger Accounts | ||||||||
| For the Year Ended December 31, 2016 | ||||||||
| Event | Assets | = | Liabilites | + | Stockholders' Equity | Accounts Titles for Retained Earnings | ||
| Cash | Accounts Receivable | = | Salaries Payable | + | Common Stock | Retained Earnings | ||
| 1 | $14,500 | = | + | $14,500 | ||||
| 2 | $45,000 | = | + | $45,000 | Service revenue / Revenue | |||
| 3 | ($1,300) | = | + | ($1,300) | Utility expense | |||
| 4 | $35,490 | ($35,490) | = | + | ||||
| 5 | = | $6,050 | + | ($6,050) | Salary Expense | |||
| 6 | ($900) | = | + | ($900) | Dividends | |||
| Total | $47,790 | $9,510 | = | $6,050 | + | $14,500 | $36,750 | |
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Milea Inc. experienced the following events in 2016, its first year of operations: 1. Received $14,500...
Question 3 (of 11) [The following information applies to the questions displayed below Milea Inc. experienced...
Question 3 (of 11) [The following information applies to the questions displayed below Milea Inc. experienced the following events in 2016, its first year of operations: 1. Received $12,500 cash from the issue of common stock. 2. Performed services on account for $45,000 3. Paid the utility expense of $1,450. 4. Collected $33,340 of the accounts receivable. 5. Recorded $9,350 of accrued salaries at the end of the year. 6. Paid a $800 cash dividend to the stockholders. 3. value...
Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the following...
Required information
[The following information applies to the questions
displayed below.]
Milea Inc. experienced the following events in 2018, its first
year of operations:
Received $15,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,300.
Collected $31,530 of the accounts receivable.
Recorded $8,700 of accrued salaries at the end of the
year.
Paid a $1,250 cash dividend to the stockholders.
Required
Record the events in general ledger accounts under an...
Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the...
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:
Received $16,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,300.
Collected $34,350 of the accounts receivable.
Recorded $5,650 of accrued salaries at the end of the
year.
Paid a $1,050 cash dividend to the stockholders.
Required a. Record the events in general ledger...
Milea Inc, experienced the following events in 2018, Its first year of operations: 1. Received $15,000...
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...
Required information [The following information applies to the questions displayed below.) Milea Inc, experienced the following...
Required information [The following information applies to the questions displayed below.) Milea Inc, experienced the following events in 2018, 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 $1,400. 4. Collected $39,580 of the accounts receivable. 5. Recorded $7.400 of accrued salaries at the end of the year. 6. Paid a $1,250 cash dividend to the stockholders. a. Record the events...
Check my wo Required information [The following information applies to the questions displayed below.] Milea Inc....
Check my wo 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 $12,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,000. 4. Collected $35,670 of the accounts receivable. 5. Recorded $8,750 of accrued salaries at the end of the year. 6. Paid a $1,350 cash dividend to the stockholders....
Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the following...
Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the following events in 2018, its first year of operations: 1. Received $15,500 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 $32,820 of the accounts receivable. 5. Recorded $5,250 of accrued salaries at the end of the year. 6. Paid a $1,300 cash dividend to the stockholders. Required a. Record the...
omework #40 Help Save & Exit Submit Check my work Required information [The following information applies...
omework #40 Help Save & Exit Submit Check my work Required information [The following information applies to the questions displayed below) Part 1 of 2 Milea Inc, experienced the following events in 2018, its first year of operations: 1. Received $14,500 cash from the issue of common stock. 2. Performed services on account for $45,000 3. Pald the utility expense of $1,450. 4. Collected $32.670 of the accounts receivable. 5. Recorded $7,200 of accrued salaries at the end of the...
Exercise 2-1A Effect of accruals on the financial statements Coates Inc, experienced the following events in...
Exercise 2-1A Effect of accruals on the financial statements Coates Inc, experienced the following events in 2013. in its first year of operation: 1. Received $20,000 cash from the issue of common stock. 2. Performed services on account for $38,000. 3. Paid the utility expense of $2,500. 4. Collected $21,000 of the accounts receivable. 5. Recorded $15,000 of accrued salaries at the end of the year. 6. Paid a $2,000 cash dividend to the shareholders. Required a. Record the events...
[The following information applies to the questions displayed below.] Milea Inc. experienced the following events in...
[The following information applies to the questions
displayed below.]
Milea Inc. experienced the following events in 2018, its first
year of operations:
Received $16,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,500.
Collected $30,210 of the accounts receivable.
Recorded $5,600 of accrued salaries at the end of the
year.
Paid a $1,350 cash dividend to the stockholders.
Required information [The following information applies to the questions displayed below.] Milea...
Question 3 (of 11) [The following information applies to the questions displayed below Milea Inc. experienced the following events in 2016, its first year of operations: 1. Received $12,500 cash from the issue of common stock. 2. Performed services on account for $45,000 3. Paid the utility expense of $1,450. 4. Collected $33,340 of the accounts receivable. 5. Recorded $9,350 of accrued salaries at the end of the year. 6. Paid a $800 cash dividend to the stockholders. 3. value...
Required information
[The following information applies to the questions
displayed below.]
Milea Inc. experienced the following events in 2018, its first
year of operations:
Received $15,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,300.
Collected $31,530 of the accounts receivable.
Recorded $8,700 of accrued salaries at the end of the
year.
Paid a $1,250 cash dividend to the stockholders.
Required
Record the events in general ledger accounts under an...
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:
Received $16,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,300.
Collected $34,350 of the accounts receivable.
Recorded $5,650 of accrued salaries at the end of the
year.
Paid a $1,050 cash dividend to the stockholders.
Required a. Record the events in general ledger...
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...
Required information [The following information applies to the questions displayed below.) Milea Inc, experienced the following events in 2018, 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 $1,400. 4. Collected $39,580 of the accounts receivable. 5. Recorded $7.400 of accrued salaries at the end of the year. 6. Paid a $1,250 cash dividend to the stockholders. a. Record the events...
Check my wo 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 $12,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,000. 4. Collected $35,670 of the accounts receivable. 5. Recorded $8,750 of accrued salaries at the end of the year. 6. Paid a $1,350 cash dividend to the stockholders....
Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the following events in 2018, its first year of operations: 1. Received $15,500 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 $32,820 of the accounts receivable. 5. Recorded $5,250 of accrued salaries at the end of the year. 6. Paid a $1,300 cash dividend to the stockholders. Required a. Record the...
omework #40 Help Save & Exit Submit Check my work Required information [The following information applies to the questions displayed below) Part 1 of 2 Milea Inc, experienced the following events in 2018, its first year of operations: 1. Received $14,500 cash from the issue of common stock. 2. Performed services on account for $45,000 3. Pald the utility expense of $1,450. 4. Collected $32.670 of the accounts receivable. 5. Recorded $7,200 of accrued salaries at the end of the...
Exercise 2-1A Effect of accruals on the financial statements Coates Inc, experienced the following events in 2013. in its first year of operation: 1. Received $20,000 cash from the issue of common stock. 2. Performed services on account for $38,000. 3. Paid the utility expense of $2,500. 4. Collected $21,000 of the accounts receivable. 5. Recorded $15,000 of accrued salaries at the end of the year. 6. Paid a $2,000 cash dividend to the shareholders. Required a. Record the events...
[The following information applies to the questions
displayed below.]
Milea Inc. experienced the following events in 2018, its first
year of operations:
Received $16,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,500.
Collected $30,210 of the accounts receivable.
Recorded $5,600 of accrued salaries at the end of the
year.
Paid a $1,350 cash dividend to the stockholders.
Required information [The following information applies to the questions displayed below.] Milea...
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