Solution-Prepare an income Statement for each of the five

Prepare an income Statement for each of the five years

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Reference no: EM132840307

Question - 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)

A. Prepare an income Statement for each of the five years ended December 31.

B. Prepare a statement of changes in Stockholder's equity for each of the five years December 31.

C. Prepare a balance sheet for each of the five years December 31.

D. Prepare a statement of cash flows for each of the five years December 31.

Reference no: EM132840307

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Prepare an income Statement for each of the five years

Reference no: EM132840307

Reference no: EM132840307

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