Fieldstone Company Was Founded on January 1,2015

question 85

Essay

Fieldstone Company was founded on January 1,2015.During 2015,the company experienced the following events:
1.Received cash revenue of $25,500
2.Paid cash expenses of $20,000
3.Issued common stock for $30,000 cash
4.Paid cash dividend of $2,000 to owners.
Required:
a)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.Precede the amount with a minus sign if the transaction reduces that section of the equation.Enter 0 for items not affected.
b)Prepare the 2015 income statement and balance sheet for Fieldstone Company.

---

Definitions:

Tetralogy of Fallot

A congenital heart defect consisting of four anatomical abnormalities, leading to insufficient oxygenated blood flow to the body.

Heart Failure

A chronic condition where the heart is unable to pump blood adequately, leading to a buildup of fluid and reduced blood flow.

Decreased Urinary Output

A reduction in the volume of urine produced and excreted, which can be a sign of dehydration or kidney dysfunction.

Inappropriate Sweating

Excessive perspiration that occurs without the usual triggers such as heat or physical activity, often indicative of a medical issue.