Kiscaden Corporation Began Business Operations and Experienced the Following Transactions

question 48

Essay

Kiscaden Corporation began business operations and experienced the following transactions during 2016:
1)Issued common stock for $20,000 cash.
2)Provided services to customers for $80,000 on account.
3)Incurred $36,000 of operating expenses on account.
4)Collected $46,000 cash from customers.
5)Paid $30,000 on accounts payable.
Required:
Record the above transactions on a horizontal statements model to reflect their effect on Kiscaden's financial statements.Precede the amount with a minus sign if the transaction reduces that section of the equation.Enter 0 for items not affected.In the last column,enter OA,IA,FA for the type of cash flow activity,or NA if there is no activity.

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Definitions:

Endangered

Describes species at risk of extinction due to a drastic decline in population or habitat.

Burrowing Owl

A small, ground-dwelling bird notable for its habit of living in burrows, often those abandoned by other animals, found in open landscapes across the Americas.

Labrador Duck

An extinct North American bird species, characterized by its black and white plumage, known for its rarity and mystery surrounding its extinction.

Passenger Pigeon

A species of pigeon that was once abundant in North America but became extinct in the early 20th century due to overhunting and habitat destruction.