2. prepare a balance sheet for year one and year 2. These statements should be presented in vertical format with year 1 and year 2 shown in side by side columns. recall that the year 1 ending balance become the year 2 beginning balances. These ending/beginning balances can be found on the first row of the table shown earlier. More specifically, the year 1 ending balance include $8,000 cash, $20,000 land, $12,000 notes payable, $7,000 common stock, and $9,000 retained earnings.

3. how much cash is in the notes payable and common stock accounts at the end of year 2?

4. how much cash is in the retained earnings account? What is the balance of the cash account at the end of year 2?

5. What is the amount of land shown on the December 31st, year 2, balance sheet?

Specifically, the Better Corp. Year 1 ending balances become the Year 2 beginning balances. These balances are shown in the accounting equation that appear next. Accounting Equation Accounting Titles for Retained Earnings Assets Liabilities Stockholders' Equity Event Common Stock 7, 000 Retained Earn Land 20, 000 Notes Payable 12,000 Cas 9, 000 Beg. Bal 8, 000 Better Corp. completed the following transactions during Year 2 1. Purchased land for $5,000 cash. 2. Acquired $25,000 cash from the issue of common stock. 3. Received $75,000 cash for providing services to customers. 4. Paid cash operating expenses of $42,000 5. Borrowed $10,000 cash from the bank. 6. Paid a $5,000 cash dividend to the stockholders. 7. Determined that the market value of the land on December 31, Year 2, is $35,000. Required . Record the transactions in the appropriate general ledger accounts under an accounting equation 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. (Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Accounts Titles for Retained Farninns"1 Prev 10f 81# Next > 5:48