Home / Questions / OShea Enterprises started the 2002 accounting period
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 stock holder's of $2,000. O'shea also acquired $10,000 of additional cash from the sale of common stock and paid $6,000 cash to reducethe liability owed to a bank.
Required
(a) . Prepare an income statement, statement of changes instock holder's equity, period-end balance sheet, and statement ofcash flows for the 2002 accounting period. (Hint: Determine theamount 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 thestatements.)
Check figures
(a) . Net Income $16,000
(b) . Total Assets $48,000
Apr 16 2018 Read more Less More
A new power plant has a 4 units with a capacity of 100MW each and cost $20 million. An older plant of the same type cost $10 million and had a capacity of 100000 kW. What...
Apr 30 2020The Arizona Bay Corporation sells on credit terms of net 30. Its accounts are, on average, four days past due. If annual credit sales are $9.75 million, what is the compa...
Apr 15 2020What is a Learning Outcome? The University of Northampton uses a learning outcomes approach to the delivery and assessment of modules. Learning outcomes are statements of...
May 23 2020Refer to Figure 8 15 which shows the sensitivity report for Refer to Figure 8.15, which shows the sensitivity report for Problem 7. a. How much would the return for U.S...
Jul 23 2020The case is in attached file. There are 6 questions in this case.For question number 6, the follow-up campaign should be for the year 2016-2017. **The answers must be...
Nov 11 2017Given E(I) = $7,300 IS = $1,000 IH = $8,000 what is the value of p?
May 02 2020List six potential managerial behaviors that can harm a firm’s value
May 21 2018Bayfield Mud CompanyIn November 2015, John Wells, a customer service representative of Bayfield Mud Company, was summoned to the Houston warehouse of Wet-Land Drilling, I...
Jul 29 2020State the alloying elements added to steel to get alloy steels and the effect they produce. Give at least one example of each. 15. Give the composition of 35 Mn 2 Mo 45...
Jun 24 2020ABC Motors, Inc., wants to increase capacity by adding another wheel balancer. The fixed costs for the machine is $16,000, and its variable cost is $4.50 per unit. ABC ch...
May 25 2018
Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.
