Ollie Company experienced the following events during its first-year operations:1. Acquired $72,000 cash from the issue of common stock.2. Borrowed $26,000 from the First City Bank.3. Earned $59,000 of cash revenue.4. Incurred $43,000 of cash expenses.5. Paid a $7,000 cash dividend.6. Paid $43,000 to purchase land.Required:a. Identify the events that will affect the income statement.Note: Select all that apply.Event #1Event #2Event #3✓ Event #4Event #5Event #6b. Prepare an income statement that shows the results of Year 1 operations.OLLIE COMPANYIncome StatementFor the Year Ended December 31, Year 1$0

Name: Ollie Company experienced the following events during its first-year
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Description: Ollie Company experienced the following events during its first-year operations:1. Acquired $72,000 cash from the issue of common stock.2. Borrowed $26,000 from the First City Bank.3. Earned $59,000 of cash revenue.4. Incurred $43,000 of cash expens

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Ollie Company experienced the following events during its first-year operations: 1. Acquired $72,000 cash from the issue of common stock. 2. Borrowed $26,000 from the First City Bank. B. Earned $59,000 of cash revenue. 4. Incurred $43,000 of cash expenses. 5. Paid a $7,000 cash dividend. 5. Paid $43,000 to purchase land. Required: SC

Ollie Company experienced the following events during its first-year operations: 1. Acquired $72,000 cash from the issue of common stock. 2. Borrowed $26,000 from the First City Bank. B. Earned $59,000 of cash revenue. 4. Incurred $43,000 of cash expenses. 5. Paid a $7,000 cash dividend. 5. Paid $43,000 to purchase land. Required: SC

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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