Pinehurst Company was formed in Year 1 and experienced the following accounting events during the year:1. Issued common stock for $15,000 cash2. Earned cash revenue of $28,0003. Paid cash expenses of $20,500.These were the only events that affected the company during the year.Required: a) Show the effects of the above transactions on the accounting equation. (Start by using appropriate element and account headings). Leave the cell blank if a transaction does not affect a given account. b) Prepare an income statement for Year 1 and a balance sheet as of December 31, Year 1.
What will be an ideal response?
a) 
b)
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Port, Inc paid a cash dividend on January 2 that had been declared prior to the end of its fiscal year. The entry to pay the dividend will
a. increase Cash and increase Cash Dividend Payable. b. decrease Cash Dividend Payable and decrease Cash. c. decrease Retained Earnings and increase Cash Dividend Payable. d. decrease Cash Dividend Payable and increase Retained Earnings.
Representativeness is a problem when the researchers cannot be sure the consumer population they are studying even understands the questions
Indicate whether the statement is true or false
Mitigation of damages is a doctrine that requires a nonbreaching party to minimize damages
Indicate whether the statement is true or false
Genetic engineering has had a positive impact on the pharmaceutical industry. This is an example of which type of general environmental trend?
A. economic B. technological C. political and legal D. demographic