Answer:
a-1 | ||
MILEA INC. | ||
Income Statement | ||
For the Year Ended December 31, Year 1 | ||
Amount($) | Amount($) | |
Service revenue | 45,000 | |
Expenses | ||
Utility expense | 1,200 | |
Salaries expense | 9,350 | |
Total expenses | 10,550 | |
Net income | 34,450 | |
b-2. | ||
MILEA INC. | ||
Statement of Changes in Stockholders' Equity | ||
For the Year Ended December 31, Year 1 | ||
Amount($) | Amount($) | |
Beginning common stock | - | |
Common stock issued | 14,500 | |
Ending common stock | 14,500 | |
Beginning retained earnings | - | |
Net income | 34,450 | |
Dividends | -950 | |
Ending retained earnings | 33,500 | |
Total stockholders' equity | 48,000 | |
b-3. | ||
MILEA INC. | ||
Balance Sheet | ||
As of December 31, Year 1 | ||
Amount($) | Amount($) | |
Assets | ||
Cash(39110+14500-950-1200) | 51,460 | |
Accounts receivable(45000-39110) | 5,890 | |
Total assets | 57,350 | |
Liabilities | ||
Salaries payable | 9,350 | |
Total liabilities | 9,350 | |
Stockholders' Equity | ||
Common stock | 14,500 | |
Retained earnings | 33,500 | |
Total stockholders' equity | 48,000 | |
Total liabilities and stockholders' equity | 57,350 | |
b-4. | ||
MILEA INC. | ||
Statement of Cash Flows | ||
For the Year Ended December 31, Year 1 | ||
Amount($) | Amount($) | |
Cash flow from operating activities | ||
Cash received from customers | 39,110 | |
Cash paid for utility expense | -1,200 | |
Net cash flow from operating activities | 37,910 | |
Cash flow from investing activities | - | |
Cash flow from financing activities | ||
Issuance of common stock | 14,500 | |
Cash paid for dividends | -950 | |
Net cash flow from financing | 13,550 | |
Net change in cash | 51,460 | |
Beginning cash balance | - | |
Ending cash balance | 51,460 |
B-2. Prepare the statement of changes in stockholders equity B-3. Prepare the balance sheet B-4. Prepare...
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. b-1. Prepare the income statement. MILEA, INC Income...
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...
m Required information The following information applies to the questions displayed below.] Part 2 of 2 1 Milea Inc. experienced the following events in Year 1, its first year of operations: points 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...
Required information Exercise 2-3A Effect of accruals on the financial statements LO 2-1, 2-2, 2-3 (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 $16,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,050. 4. Collected $37,830 of the accounts receivable. 5. Recorded $7,750 of accrued salaries at the end of 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...
Milea Inc. experienced the following events in Year 1, its first year of operations: Received $15,000 cash from the issue of common stock.Performed services on account for $45,000.Paid the utility expense of $1,050.Collected $38,410 of the accounts receivable.Recorded $6,500 of accrued salaries at the end of the year.Paid a $1,150 cash dividend to the stockholders.Prepare the income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for the Year 1 accounting period.
[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...
apter 2 HW Saved Check my work mode: This shows what is correct or incorrect for the work you Required information (The following information applies to the questions displayed below.) 2 of 2 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...
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...
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...