Prepare the balance sheet for the Year 1 accounting period. Prepare the statement of cash...
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Prepare the balance sheet for the Year 1 accounting period. Prepare the statement of cash flows for the Year 1 accounting period. (Enter cash outflows with a minus sign.) Complete this question by entering your answers in the tabs below. Prepare the income statement for the Year 1 accounting period. Required information Exercise 2-3A (Algo) Effect of accruals on the financial statements LO 2-1, 2-2, 2-3 [The following information applies to the questions displayed below.] Milea Incorporated experienced the following events in Year 1, its first year of operations: 1. Received $13,000 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 $34,920 of the accounts receivable. 5. Recorded $5,800 of accrued salaries at the end of the year. 6. Paid a $1,300 cash dlvidend 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. Complete this question by entering your answers in the tabs below. Prepare the statement of changes in stockholders' equity for the Year 1 accounting period
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