Reference no: EM132961949
Year 1:
1. Issues 10 shares of stock at $9 per share in cash.
2. Takes a loan for $30 in cash.
3. Buys a prepaid travel card for $12 in cash. The travel card is not used at the time of purchase. It is used later.
4. Receives $11 cash in advance from customer A for work it will do later.
5. Completes a consulting assignment for customer B and bills the customer for $33. Customer B will pay later.
6. Uses up $9 of the travel card for travel. The remaining balance will be used next year.
7. Completes a consulting assignment for $11 for customer A from whom it had received cash in advance.
8. Owes $17 to its employees for the work on the two consulting assignments. Employees are paid later.
9. Receives $15 in cash from customer B for whom it had completed a consulting assignment earlier. The remaining balance will be collected next year.
10. Pays $8 to its employees for their work earlier. The remaining balance will be paid next year.
11. Incurs an interest expense of $3 and pays it in cash.
12. Repays $10 towards the loan principal.
13. Declares and pays $6 [60 cents per share] in cash as dividends.
14. Buys back 2 shares at $9 per share in cash.
Problem 1: What is the effects on all Financial Statements?
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