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 statement of changes in
stockholders’ equity.
b-3. Prepare the balance sheet.
b-4. Prepare the statement of cash flows for the
Year 1 accounting period.
Homework Answers
we will first pass journal
| 1 | cash | 14000 | ||
| common stock | 14000 | |||
| 2 | account receivable | 45000 | ||
| service revenue | 45000 | |||
| 3 | utility expense | 1450 | ||
| cash | 1450 | |||
| 4 | cash | 30030 | ||
| account receivable | 30030 | |||
| 5 | salary | 8550 | ||
| salary payable | 8550 | |||
| 6 | retained earnings (dividend) | 1450 | ||
| cash | 1450 |
b-1
| sales | $45000 | |
| expenses | ||
| utility expense | 1450 | |
| salary | 8550 | |
| Total expense | $10000 | |
| Net income [45000-10000] | $35000 | |
b-2
changes in stock holder equity
| beginning common stock | 0 | |
| issued during year | $14000 | |
| ending common stock | $14000 | |
| beginning retained earnings | 0 | |
| profit during year | $35000 | |
| less dividend paid | $1450 | |
| ending retained earnings [35000-1450] | $33,550 | |
| Total stock holder's equity [14000+33550] | $47,550 |
b-3
balance sheet
| assets | ||
| cash [14000-1450+30030-1450] | 41130 | |
| account receivable | 14970 | |
| total assets [41130+14970] | 56100 | |
| liabilities | ||
| salary payable | 8550 | |
| total liabilities | 8550 | |
| stock holder's equity | ||
| common stock | 14000 | |
| retained earnings | 33550 | |
| Total stock holder's equity | 47550 | |
| Total liabilities and stockholder's equity [8550+47550] | 56100 |
b-4
| cash flow from operating activities | ||
| net income | 35000 | |
| Increase in account receivable | (14970) | |
| increase in salary payable | 8550 | |
| net cash flow from operating activities [35000-14970+8550] | $28580 | |
| cash flow from investing activities | ||
| Cash flow from financing activities | ||
| issue of common stock | $14000 | |
| dividends paid | (1450) | |
| net cash flow from financing | 12550 | |
| net change in cash [28580+12550] | $41130 | |
| beginning cash | 0 | |
| Emding cash | $41130 |
Add Answer to:
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...
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...
! 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...
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...
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...
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 [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...
[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...
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 $12,000 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 $33,110 of the accounts receivable. 5. Recorded $5,600 of accrued salaries at the end of the year. 6. Paid a $1,150 cash dividend to the stockholders. Required a. Record the...
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.] Leach Inc. experienced the following...
Required information
[The following information applies to the questions
displayed below.]
Leach Inc. experienced the following events for the first two
years of its operations:
2018:
Issued $10,000 of common stock for cash.
Provided $100,000 of services on account.
Provided $27,000 of services and received cash.
Collected $73,000 cash from accounts receivable.
Paid $18,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 9 percent of
the ending...
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 [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...
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 $12,000 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 $33,110 of the accounts receivable. 5. Recorded $5,600 of accrued salaries at the end of the year. 6. Paid a $1,150 cash dividend to the stockholders. Required a. Record 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...
Required information
[The following information applies to the questions
displayed below.]
Leach Inc. experienced the following events for the first two
years of its operations:
2018:
Issued $10,000 of common stock for cash.
Provided $100,000 of services on account.
Provided $27,000 of services and received cash.
Collected $73,000 cash from accounts receivable.
Paid $18,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 9 percent of
the ending...
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