Business, 02.06.2021 18:20 Frostbite9371
Life, Inc, experienced the following events in 2018, its first year of operation:
1. Performed counseling services for $23,600 cash.
2. On February 1, Year 1, paid $16,200 cash to rent office space for the coming year.
3. Adjusted the accounts to reflect the amount of rent used during the year.
Required
a. Record the events under an accounting equation.
b. Prepare an income statement for the 2018 accounting period.
c. Prepare a balance sheet for the 2018 accounting period.
d. Prepare a statement of cash flows for the 2018 accounting period.
Answers: 3
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Life, Inc, experienced the following events in 2018, its first year of operation:
1. Performed coun...
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