(Answered) Talley inc experienced the following events in 2016 in its

Accounting

Talley Inc. experienced the following events in 2016, in its first year of operation:

1. Received $20,000 cash from the issue of common stock.
2. Performed services on account for $38,000.
3. Paid the utility expense of $2,500.
4. Collected $21,000 of the accounts receivable.
5. Recorded $15,000 of accrued salaries at the end of the year.
6. Paid a $2,000 cash dividend to the shareholders.

Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for the 2016 accounting period.

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