(Solved): Seved Check my work mode: This shows what is correct or incorrect for the work you have co ...Seved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indica 0 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. Pald 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. Pald a $2,000 cash dividend to the stockholders. b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for the Year 1 accounting period. Answer is not complete. Complete this question by entering your answers in the tabs below. Regi Reg 2 Reg 3 Reg 4 Prepare the income statement for the Year 1 accounting period MILEA INC < Prev 2 Next > Next > MacBook Air 20 DOO 17 * @ 2 $ 4 % 5 3 & 7 6 8 ON 0 W E R T YU Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not in Year 1 accounting period Answer is not complete. Complete this question by entering your answers in the tabs below. Req31 Req B2 Req B3 Req 84 Prepare the income statement for the Year 1 accounting period. MILEA INC Income Statement For the Year Ended December 31, Year 1 Revenue $ 56,000 Expenses Utility expense $ 2,500 Salaries experte 10,000 Total expenses Net income 12.500 $ 43,500 Reg 2 > < Prev 2 of 9 Next > MacBook Air 80 # 3 A * 4 % 5 6 & 7 8 9 0 W E E R ? Y U Year 1 accounting period. Answer is not complete. Complete this question by entering your answers in the tabs below. Req B1 Req62 Reg 3 Reg 14 Prepare the statement of changes in stockholders' equity for the Year 1 accounting period. MILEA INC Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock Plus: Common stock issued 20,000 Ending common stock $ 20,000 Beginning retained earings Plus Net income 43.500 Less Dividend (2.000) Ending retained earings 41,500 Total stockholders $ 61,500 ol Reg 3 > < Prev Next > MacBook Air FS IN 1 # 3 $ 4 % 5 6 & 7 8 9 0 W E R T T Y U O Year 1 accounting period. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg B1 Req B2 Reg Req B4 Prepare the balance sheet for the Year 1 accounting period. MILEA INC Balance Sheet As of December 31, Year 1 Assets Cash $ 63,500 Accounts receivable 8,000 $ 71,500 Total Liabilities Salaries payable $ 10.000 $ 10.000 Totabilities Stockholders' Equity Common stock Retained coming $ 20,000 41.500 < Prev 2 of 9 H Next > MacBook Air 30 ES # 3 A $ 4 % 5 6 6 & 7 8 9 0 W E R T Y Y U 5 L Answer is not complete. Complete this question by entering your answers in the tabs below. Req B1 Req B2 Reg B3 Req B4 Prepare the statement of cash flows for the Year 1 accounting period. (Enter cash outflows with a minus sign.) MILEA INC Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities Cash received from customers $ 48,000 Cash paid expenses (2,500) $ 45,500 Net cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Issue of stock Paid dividend $ 20.000 (2.000) Net cash flow from financing activities No change in cash 18.000 63,500 < Prev SN Next > MacBook Air 80 57 A 2 3 $ 4 % 5 6 6 & 7 B 8 9 C W E 20 T T T Y U s D D F G H We have an Answer from Expert Buy This Answer $6 Recommended textbooks for you  FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. 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Milea incorporated experienced the following events in year 1, its first year of operations:
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