AA Company was established on 1/1/2015 with $20,000 cash investment from a couple of owners....
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Accounting
AA Company was established on 1/1/2015 with $20,000 cash investment from a couple of owners. The accounting period is from 1/1 to 12/31. The following transactions have been occurred in 2015 and 2016.
Year 2015:
a.$20,000 total sales: $17,000 received in cash and $3,000 on credit. b.$7,000 paid in cash for operating expenses
Year 2016:
a.Purchased equipment and paid $3000 in cash b.$8,000 cash sales c.$3,000 operating expenses, but not paid in cash d.Depreciation expense for the equipment is $500.
Please prepare B/S and I/S for Year 2015 and Year 2016.
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