Reference no: EM132822898
Turquoise Ltd started its operations with $25,700 in cash with the issue of common stock dated Jan 1, Year 1. The proceeds was used to purchase equipment for $25,700 and had a salvage value of $4,500 with 4 years life. In the beginning of 5th year, equipment was being sold for $4,980 for cash (SLM depreciation).
The company was ambitious in their sales and new products are being to be introduced lately, which was purely dependent on current product sales.
Revenue: ($)
Year1=7,480
Year2=7,980
Year3=8,180
Year4=6,980
Year5=0
Required: (For each of the five years)
Problem A. Income Statement for each of the five years ended December 31
Problem B. Statement of changes in Stockholder's equity for each of the five years December 31
Problem C. Balance sheet for each of the five years December 31
Problem D. Statement of cash flows for each of the five years December 31.
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