Fuller Company Was Formed in 2012 and Experienced the Following

question 53

Essay

Fuller Company was formed in 2012 and experienced the following accounting events during the year:
1.issued common stock for $20,000 cash.
2.earned cash revenue of $30,000.
3.paid cash expenses of $26,000.
These were the only events that affected the company during the year.
Required:
a)Write the accounting equation and record the effects of each accounting event under the appropriate general ledger account heading.
b)Prepare an income statement for 2012 and a balance sheet as of December 31,2012.

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Definitions:

Systematic Biology

A branch of biology that focuses on classifying organisms and determining their evolutionary relationships.

Evolutionary Relationships

The connections among species or groups of organisms based on their common ancestry, typically illustrated through phylogenetic trees.

Lamarck

Refers to Jean-Baptiste Lamarck, an early 19th-century scientist known for his theory of inheritance of acquired characteristics.

Evolution

The process by which different kinds of living organisms are thought to have developed and diversified from earlier forms during the history of the earth.