Task:
Overview - Smith Enterprises started the 2002 accting period with $30,000 of assets (all cash), $18000 of liabilities, $4000 of common stock. During the year, Smith's earned cash revenues of $48,000, paid cash expenses of $32,000 and paid a cash dividend to stockholders of $2000. Smith's also acquired $10,000 of additional cash from the sale of common stock and paid $6000 cash to reduce the liability owed to a bank.
Question -
Can you help me prepare a income statement, statement of changes in stockholder's equity, period end balance sheet, and statement of cash flows for the 2002 accounting period.
Where I continue to get incorrect balances if the question has a note that reads to determine the amount of begining retained earnings before considering the effects of the current period; might be helpful to record all events under an accting equation before preparing the statements?