Business, 20.09.2020 14:01, ExclusiveNay

Ollie Company experienced the following events during its first-year operations: a. Acquired $72,000 cash from the issue of common stock.
b. Borrowed $26,000 from the First City Bank.
c. Earned $59,000 of cash revenue.
d. Incurred $43,000 of cash expenses.
e. Paid a $7,000 cash dividend.
f. Paid $43,000 to purchase land.

Required:
a. Identify the events that will affect the income statement.
b. Prepare an income statement that shows the results of Year 1 operations.

Answers: 3

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Ollie Company experienced the following events during its first-year operations: a. Acquired $72,00...