Required information [The following information applies to the questions displayed below.] Finch Company began operations on January 1, year 1, by issuing common stock for $33,000 cash. During year 1 , Finch received $50,400 cash from revenue and incurred costs that required $38,400 of cash payments. repare a GAAP-based income statement and balance sheet for Finch Company for year 1, under each of the following independer cenarios: Finch is in the car rental business. The $38,400 was paid to purchase automobiles. The automobiles were purchased on Januar) year 1, and have three-year useful lives, with no expected salvage value. Finch uses straight-line depreciation. The revenue was generated by leasing the automobiles. Complete this question by entering your answer in the tabs below. Prepare an Income Statement. Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.)
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