Question

Zachary company began operations on janury 1, year 1, by issuing common stock for 34000 cash....

Zachary company began operations on janury 1, year 1, by issuing common stock for 34000 cash. During year 1, zachary received 48000 cash from revenue and incurred costs that required 36,000 of cash payments.

Prepare GAAP-based statement and balanced sheet for zachary company for year 1 under each of the following independent scenarios.

b: Zachary is in the car rental business. The 36,000 was paid to purchase automobiles. The automobiles were purchased on January 1, year 1, and have three year useful liuves, with no expected salvage value. Zachary uses strait line depreciation. The review was generated by leasing the automobiles.  

Complete this question by entering your answer in the tabs below.

  • Income Statement
  • Balance Sheet

Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.)
ZACHARY COMPANY
Balance Sheet as of 12/31/Year 1
Assets
0
0
0
Total assets $
Equity
0
0
Total equity

Complete this question by entering your answer in the tabs below.

  • Income Statement
  • Balance Sheet

Prepare an Income Statement.

ZACHARY COMPANY
Business   Accounting   
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