5:51 PM Sun Sep 15 . 84% Finance.Exercise 2-Student Home Insert Draw Formulas Data Review BIU _A = View ESI C D E F G H I 1 Given Data P01-34A: MARK'S CONSULTING 00 OU AWN Transactions for Year 1: 9 1. 2. 3. 4. 5. Cash acquired from stock issuance Cash received for services Cash borrowed from creditors Expenses paid Land purchase 20,000 35,000 25,000 22,000 30,000 Transactions for Year 2: Beginning Cash Balances: Cash Land Notes Payable Common Stock Retained Earnings 28,000 30,000 25,000 20,000 13,000 1. Cash acquired from stock issuance 2. Cash received for Year 2 services 3. Cash paid to creditors 4. Expenses paid 5. Dividend paid 6. Determined market value of land 24,000 95,000 15,000 71,500 3,000 47.000 P01-34A Given P01-34A + 5:51 PM Sun Sep 15 . 84% Finance.Exercise 2-Student Home Insert Draw Formulas Data Review View BI UEA= EE ALSO O E F G H I K L M N Shident Name Problem 01-34A Requirement as MARK'S CONSULTING Accounting Equation for Year 1 Assets Liabilities Notes Payable stockholders' Equity | Common Retained Land Cash (20,000) 20.000 1. Issued Stock 2. Revenue 25,000 35,000 (22.000 4. Paid Expenses 5. Purchased Land 25000 30,000 Corred 20.000 Correct Correct Correct MARK'S CONSULTING Accounting Equation for Year 2 Assets Liabilities Stockholders' Equity Cash Land Ewing 30,000 Beginning Balance 1. Issued Stock 3. Paid Loan 4. Paid Expenses 5. Paid Dividends 6. Land Value correct Comet Requirement b.: MARK'S CONSULTING Income Statements For the Period Ended December 31 Service Revenue Expenses $ Year 1 35,000 (22.000) 13.000 $ Year 2 95,000 71 500) 23.500 MARKS CONSULTING Statements of Changes in Stockholders' Equity For the Period Ended December 31 $ 20,000 20.000 Beginning Common Stock Plus: Common Stock issued Ending Common Stock Beginning Retained Eamings Plus: Net Income Less: Dividends Ending Retained Earnings Total Stockholder's Equity Year 2 20.000 24,000 44,000 13.000 23.500 3.000 33.500 13,000 Correct P01-34A Given P01-34A +