Answer to given Question :
MILEA INC | ||
Income Statement | ||
For the Year Ended December 31, Year 1 | ||
Particulars | Amount($) | Amount($) |
Revenue | 45,000.00 | |
Expenses | ||
Utility expenses | (1,050.00) | |
Salaries Expenses | (7,750.00) | |
Total Expenses | (8,800.00) | |
Net Income | 36,200.00 | |
MILEA INC | ||
Statement of Changes in Stockholde'r Equity | ||
For the Year Ended December 31, Year 1 | ||
Particulars | Amount($) | Amount($) |
Beginning Commin Stocks | - | |
Add: Issue of Common Stock | 16,000.00 | |
Ending Common Stock | 16,000.00 | |
Beginning Retained Earning | - | |
Addition during the Year 1 | 35,000.00 | |
Ending Retained Earning | 35,000.00 | |
Total Stockholder's Equity | 51,000.00 |
MILEA INC | ||
Balance Sheet | ||
As of December 31, Year 1 | ||
Particulars | Amount($) | Amount($) |
Assets | - | |
Accounts Receivable | 7,170.00 | |
Cash | 51,580.00 | |
Total Assets | 58,750.00 | |
Liabilities | - | |
Accrues Salaries | 7,750.00 | |
Total Liabilities | 7,750.00 | |
Stackholder's Equity | ||
Common Stcok | 16,000.00 | |
Retained Earning | 35,000.00 | |
Total Stackholder's Equity | 51,000.00 | |
Total Liabilities & Stackholder's Equity | 58,750.00 |
MILEA INC | ||
Statement of Cash Flows | ||
As of December 31, Year 1 | ||
Particulars | Amount($) | Amount($) |
Cash Flows From Operating Activities | ||
Net Income (Operating Profit) | 36,200.00 | |
Change in Account Receivables | ||
(Opeing Bal -Closing bal.) = ($ 0 - $ 7,170) | (7,170.00) | |
Change in Accrued Salaries | ||
(Closing bal. - Opeing Bal ) = ($ 7,750 - $ 0) | 7,750.00 | |
Net Cash Flows from Operating Activities | 36,780.00 | |
Cash Flows From Investing Activities | - | |
Cash Flows From Financing Activities | ||
Issue of Common Stock | 16,000.00 | |
cash Dividend Paid | (1,200.00) | |
Net Cash Flows From Financing Activities | 14,800.00 | |
Cash & Cash Equivalent at the opening of Year 1 | - | |
Cash & Cash Equivalent during the Year 1 | 51,580.00 | |
Cash & Cash Equivalent at the Closing of Year 1 | 51,580.00 | |
Required information Exercise 2-3A Effect of accruals on the financial statements LO 2-1, 2-2, 2-3 (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 $14,000 cash from the issue of common stock. Performed services on account for $45,000. Paid the utility expense of $1,450. Collected $30,030 of the accounts receivable. Recorded $8,550 of accrued salaries at the end of the year. Paid a $1,450 cash dividend to the stockholders. b-1. Prepare the income statement. b-2. Prepare the...
Exercise 2-8A Effect of accruals on the financial statements LO 2-2, 2-3, 2-4 [The following information applies to the questions displayed below.] Milea Inc. experienced the following events in Year 1, its first year of operations: Received $16,000 cash from the issue of common stock. Performed services on account for $45,000. Paid the utility expense of $1,150. Collected $37,460 of the accounts receivable. Recorded $5,600 of accrued salaries at the end of the year. Paid a $1,050 cash dividend to...
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. Prepare the income statement. MILEA INC. Income Statement For 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: 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 salariés at the end of the year. 6. Paid a $1,350 cash dividend to the stockholders. Prepare 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: 1. Received $20,000 cash from the issue of common stock. 2. Performed services on account for $56,000. 3. Paid the utility expense of $2,500. 4. Collected $48,000 of the accounts receivable. 5. Recorded $10,000 of accrued salaries at the end of the year. 6. Paid a $2,000 cash dividend to the stockholders. b-1. Prepare the...
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 b. Prepare the income...
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 $14,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,150. 4. Collected $37,780 of the accounts receivable. 5. Recorded $9,550 of accrued salaries at the end of the year. 6. Paid a $850 cash dividend to the stockholders. b. Prepare the income...
Required information Exercise 7-7A Effect of recognizing uncollectible accounts on the financial statements: percent of receivables allowance method LO 7-2 [The following information applies to the questions displayed below.] Leach Inc. experienced the following events for the first two years of its operations: Year 1 1. Issued $11,000 of common stock for cash 2. Provided $79,100 of services on account 3. Provided $37,000 of services and received cash 4. Collected $70,000 cash from accounts receivable. 5. Paid $39,000 of salaries...
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...
[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...