Search here for Tutorials
If the Data is different in your question, please send your questions to homeworksolutionsnow@gmail.com. The questions will be answered at the same price.

P1-30A OShea Enterprises started the 2002 accounting period with $30,000 of assets

ACC300 P1-30A O'Shea Enterprises started the 2002 accounting period with $30,000 of assets

ACC300 PROBLEM 1-30A Interrelationships among Financial Statements
L.O.3,5,8 PROBLEM 1-30A Interrelationships among Financial Statements

PROBLEM 1-30A Interrelationships among Financial Statements

P 1-30A O'Shea Enterprises started the 2002 accounting period with $30,000 of assets (all cash), $18,000 of liabilities, and $4,000 of common stock. During the year, O'Shea earned cash revenues of $48,000, paid cash expenses of $32,000, and paid a cash dividend to stockholders of $2,000. O'Shea also acquired $10,000 of additional cash from the sale of common stock and paid $6,000 cash to reduce the liability owed to a bank.

CHECK FIGURES
a. Net Income: $16,000
b. Total Assets: $48,000

Prepare an income statement, statement of changes in stockholders' equity, period-end balance sheet, and statement of cash flows for the 2002 accounting period. (Hint: Determine the amount of beginning retained earnings before considering the effects of the current period events. It also might help to record all events under an accounting equation before preparing the statements.) 

CLICK HERE FOR SOLUTION