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Accounting Assignment | College Homework Help

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. College Homework Help3. 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 income statement. ® Answer is complete but not entirely correct. MILEA INC. Income Statement For the Year Ended December 31, Year 1 Accounts receivable $ 8,000 Expenses Accounts payable Ⓡ$ 10,000 Dividends Ⓡ (2.000) Total expenses Net income 8,000 0 < Prev a of 5 a Get Accounting Homework Help today

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