O’Shea Enterprises started the 2002 accounting period with $30,000 of assets (all cash), $18,000 of.

O’Shea Enterprises started the 2002 accounting period with $30,000 of assets (all cash), $18,000 of liabilities, and $4,000 of common stock. During the year, O’Shea earned cash revenues of $48,000, paid cash expenses of $32,000, and paid a cash dividend to stockholders of $2,000. O’Shea also acquired $10,000 of additional cash from the sale of common stock and paid $6,000 cash to reduce the liability owed to a bank.Requireda. Prepare an income statement, statement of changes in stockholders’ equity, period-end balance sheet, and statement of cash flows for the 2002 accounting period. b. Determine the percentage of total assets that were provided by creditor’s investors and earnings.View Solution:
O Shea Enterprises started the 2002 accounting period with 30 0