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  • Valmont Inc Experienced The Following Events in 2012 in Its

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    M Bilal Saleem
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    Valmont Inc experienced several financial events in its first year of operations in 2012, including receiving $20,000 from issuing common stock, performing $50,000 in services, paying $12,500 in utility expenses, collecting $39,000 in accounts receivable, and accruing $9,000 in salaries. It also paid a $5,000 cash dividend to shareholders. Financial statements were prepared to record these transactions and show the company's assets, liabilities, equity, income, expenses and cash flows for the year.

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    Valmont Inc experienced several financial events in its first year of operations in 2012, including receiving $20,000 from issuing common stock, performing $50,000 in services, paying $12,500 in utility expenses, collecting $39,000 in accounts receivable, and accruing $9,000 in salaries. It also paid a $5,000 cash dividend to shareholders. Financial statements were prepared to record these transactions and show the company's assets, liabilities, equity, income, expenses and cash flows for the year.

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    © All Rights Reserved
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    8 views1 page

    Valmont Inc Experienced The Following Events in 2012 in Its

    Uploaded by

    M Bilal Saleem
    Valmont Inc experienced several financial events in its first year of operations in 2012, including receiving $20,000 from issuing common stock, performing $50,000 in services, paying $12,500 in utility expenses, collecting $39,000 in accounts receivable, and accruing $9,000 in salaries. It also paid a $5,000 cash dividend to shareholders. Financial statements were prepared to record these transactions and show the company's assets, liabilities, equity, income, expenses and cash flows for the year.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Valmont Inc experienced the following events in 2012 in its

    Valmont, Inc., experienced the following events in 2012, in its first year of operation.1. Received
    $20,000 cash from the issue of common stock.2. Performed services on account for $50,000.3.
    Paid the utility expense of $12,500.4. Collected $39,000 of the accounts receivable.5. Recorded
    $9,000 of accrued salaries at the end of the year.6. Paid a $5,000 cash dividend to the
    shareholders.Requireda. Record the events in general ledger accounts under an accounting
    equation. In the last column of the table, provide appropriate account titles for the Retained
    Earnings amounts. The first transaction has been recorded as an example.b. Prepare the
    income statement, statement of changes in stockholders’ equity, balance sheet, and statement
    of cash flows for the 2012 accounting period.c. Why is the amount of net income different from
    the amount of net cash flow from operatingactivities?
    View Solution:
    Valmont Inc experienced the following events in 2012 in its
    SOLUTION-- http://expertanswer.online/downloads/valmont-inc-experienced-the-following-
    events-in-2012-in-its/

    See Answer here expertanswer.online


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