O'Shea Enterprises start the 2002 accounting period with:(O'Shea Enterprise accounting equation)
Total assets (all cash) of $ - 60,0000'00
Liabilities of - 45,000.00
Common stock of - 25,000.00
During the year, O'Shea recorded the following transactions:
Cash revenues of - - 20,000.00
Paid cash expenses of - 10,000.00
Paid cash dividends to stockholders of - 12,000.00
Acquired additional cash from sale of common stock of - 19,000.00
Paid cash to reduce a liability with the bank of - 15,000.00
Required
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 earning 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.)
