Grant Hylton started a consulting business, Hylton Consulting, on January 1, Year 1, and the business engaged in the following transactions during the year:1) Issued $40,000 of common stock for cash2) Provided services on account, $46,5003) Incurred $37,500 of operating expense, but only paid $32,000 of this amount4) Collected $39,000 of the revenue that was previously recorded on account5) Paid a cash dividend of $4,000 to the stockholdersRequired:a) Show the effects of the above transactions on the accounting equation
b) Prepare an income statement and statement of cash flows for Year 1.
What will be an ideal response?
a)
b)
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What will be an ideal response?