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Posted on Jul 14, 2024

1. Acquired $25,000 cash from the issue of common stock. 2. Paid $10,000 cash to purchase land, 3. Borrowed $10,000 cash 4. Provided services for

1. Acquired $25,000 cash from the issue of common stock. 2. Paid $10,000 cash to purchase land, 3. Borrowed $10,000 cash 4. Provided services for $35,000 cash. 5. Pald $2,000 cash for utilities expense. 6. Paid $20,000 cash for other operating expenses. 7. Paid a $4,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $15,000. Required a. The January 1, Year 2. general ledger account balances are shown in the following accounting equation. Record the eight events in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. The first event is shown as an example. b-1. Prepare an income statement for the Year 2 accounting period, b-2. Prepare a statement of changes in equity for the Year 2 accounting period, b-3. Prepare a year-end balance sheet for the Year 2 accounting period. b-4. Prepare a statement of cash flows for the Year 2 accounting period. c-1. Determine the percentage of assets that were provided by retained earnings. c-2. Can you determine the cash in retained earnings? Complete this question by entering your answers in the tabs below. Req A Req B1 Reg B2 Red B3 Req B4 Req C1 Reg C2 The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in the appropria LA DARRER -Anlagen und Nout Reg A Reg B1 Req B2 Reg B3 Req B4 Reg CI Reg C2 1 The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. The first event is shown as an example. (Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells require input.) Show less Spoed Book Event Assets Cash 5,000 25,000 Account Titles for Retained Earnings DAKOTA COMPANY Accounting Equation for Year 2 Liabilities Stockholders' Equity Land Notes Common Retained Payable Eamings 10,000 - 10,000 2.000 3.000 25,000+ Stock Beg 1 2 3 4 5. + 6. 7. 8 Totals 30,000+ 10,000 10,000 27,000 3,000 Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Reg C1 Req C2 Prepare an income statement for the Year 2 accounting period. ped DAKOTA COMPANY Income Statement ok For the Year Ended Decumber 31, Year 2 ences HW 3.46 Saved Complete this question by entering your answers in the tabs below. 1 Reg A Reg B1 Req B2 Req B3 Req B4 Req c1 Reg C2 Prepare a statement of changes in equity for the Year 2 accounting period. Skipped DAKOTA COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock eBook References $ 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ 0 Save Req A Req B1 Req B2 Reg B3 Req B4 Req c1 Reg C2 1 Prepare a year-end balance sheet for the Year 2 accounting period. DAKOTA COMPANY Balance Sheet As of December 31, Year 2 Skipped Assets eBook References 0 Total assets Liabilities $ 0 Total liabilities Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 MC Graw Prey 1 of 1 Next Saved HW 3,4 DAKOTA COMPANY Statement of Cash Flows 1 For the Year Ended December 31, Year 2 Cash flows from operating activities: Skipped eBook $ 0 Net cash flow from operating activities Cash flows from investing activities: References 0 Net cash flow from investing activities Cash flows from financing activities: Net cash flow from financing activities 0 Ending cash balance $ 0 Rec B3 RegC1 Saved Hel 6. Paid $20,000 cash for other operating expenses. 7. Paid a $4,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $15,000 Required a. The January 1, Year 2. general ledger account balances are shown in the following accounting equation Record the eight events in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column Provide the appropriate titles for these accounts in the last column of the table. The first event is shown as an example. b-1. Prepare an income statement for the Year 2 accounting period. b-2. Prepare a statement of changes in equity for the Year 2 accounting period. b-3. Prepare a year-end balance sheet for the Year 2 accounting period. b-4. Prepare a statement of cash flows for the Year 2 accounting period. c-1. Determine the percentage of assets that were provided by retained earnings. c-2. Can you determine the cash in retained earnings? Complete this question by entering your answers in the tabs below. Reg A Req B1 Req B2 Req B3 Reg 14 Reg C1 Reg C2 Determine the percentage of assets that were provided by retained earnings. (Round your answer to 1 decimal place.) % Percentage of assets Saved Iraida >4.00u can dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $15,000. nd Required a. The January 1, Year 2. general ledger account balances are shown in the following accounting equation. Record the eight eve the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings colu Provide the appropriate titles for these accounts in the last column of the table. The first event is shown as an example. b-1. Prepare an income statement for the Year 2 accounting period. b-2. Prepare a statement of changes in equity for the Year 2 accounting period. b-3. Prepare a year-end balance sheet for the Year 2 accounting period. b-4. Prepare a statement of cash flows for the Year 2 accounting period. c-1. Determine the percentage of assets that were provided by retained earnings. c-2. Can you determine the cash in retained earnings? Complete this question by entering your answers in the tabs below. Reg A Reg B1 Reg B2 Reg B3 Reg B4 Req ci Reg C2 Can you determine the cash in retained earnings? Can you determine the cash in retained eamings?