2 - MINI HOMEWORK Che 13 equlloynd The following information applies to the ques

Question

2 - MINI HOMEWORK Che 13 equlloynd The following information applies to the questions displayed below Milea Inc. experienced the following events in Year 1, its first year of operations: Part 2 of 2 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. Pald a $2,000 cash dividend to the stockholders 15 points References b-1. Prepare the income statement Income Statement For the Year Ended 31, Year 1 Total

Explanation / Answer

MILEA , INC., INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, YEAR 1 AMOUNT   AMOUNT   Service Revenue $                  56,000 Expenses Utility Expense $                    2,500 Salary Expenses $                  10,000 Cash Dividend $                    2,000 Total Expenses $                  14,500 Net Income $                  41,500

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