Fieldstone Company Was Founded on January 1, Year 1

question 11

Essay

Fieldstone Company was founded on January 1, Year 1. During Year 1, the company experienced the following events:
Received cash revenue of $25,500Paid cash expenses of $20,000Issued common stock for $30,000 cashPaid cash dividend of $2,000 to stockholders.
Required: Write an accounting equation and record effects of each accounting event under appropriate general ledger account headings, showing dollar amounts of increases and decreases and totals at the end of the year. Enter 0 for items not affected.Prepare the Year 1 income statement and balance sheet for Fieldstone Company.

---

Definitions:

Penlight

A small, portable flashlight, often used in medical examinations to observe pupils' reaction to light or to inspect areas of the mouth and throat.

Pupillary Constriction

The narrowing or tightening of the pupils, which can occur in response to light exposure or during focusing on objects.

Arcus Senilis

A gray or white arc visible above and below the outer part of the cornea, usually related to aging.

Unequal Pupillary Constriction

A condition where the pupils of the eyes do not shrink to the same size in response to light, potentially indicating neurological issues.