Prepare a balance sheets for each of the five years

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Reference no: EM132089024

Question: Zhao Company began operations when it acquired $28,600 cash from the issue of common stock on January 1, 2014. The cash acquired was immediately used to purchase equipment for $28,600 that had a $5,000 salvage value and an expected useful life of four years. The equipment was used to produce the following revenue stream (assume all revenue transactions are for cash). At the beginning of the fifth year, the equipment was sold for $5,470 cash. Zhao uses straight-line depreciation. 2014 2015 2016 2017 2018 Revenue $7,900 $8,400 $8,600 $7,400 $0 Required Prepare an income statements for each of the five years. (Loss amounts should be indicated with a minus sign.) x Prepare a statements of changes in stockholders' equity for each of the five years. Prepare a balance sheets for each of the five years. Prepare a statements of cash flows for each of the five years.

Reference no: EM132089024

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