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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
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