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Posted on Aug 31, 2024

AC201 Dakota Company experienced the following events during Year 2: 1. Acquired $20,000 cash from the issue of common stock. 2. Paid $15,000 cash to

AC201

Dakota Company experienced the following events during Year 2: 1. Acquired $20,000 cash from the issue of common stock. 2. Paid $15,000 cash to purchase land. 3. Borrowed $5,000 cash. 4. Provided services for $40,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $30,000 cash for other operating expenses. 7. Paid a $3,750 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $17,500. 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. How much cash is in the Retained Earnings account?

Prepare a statement of changes in equity 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. How much cash is in the Retained Earnings account? Complete this question by entering your answers in the tabs below. Determine the percentage of assets that were provided by retained earnings. (Round your answer to 1 decimal place Dakota Company experienced the following events during Year 2: 1. Acquired \$ \\$ 20,000 \$ cash from the issue of common stock. 2. Paid \$ \\$ 15,000 \$ cash to purchase land. 3. Borrowed \$ \\$ 5,000 \$ cash. 4. Provided services for \$ \\$ 40,000 \\mathrm{cash} \$. 5. Paid \$ \\$ 1,000 \$ cash for utilities expense. 6. Paid \$ \\$ 30,000 \$ cash for other operating expenses. 7. Paid a \$ \\$ 3,750 \$ cash dividend to the stockhoiders. 8. Determined that the market value of the land purchased in Event 2 is now \$ \\$ 17,500 \$. 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 tities 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 occounting 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 enmings. c-2. How much cash is in the Retained Earnings account? 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. How much cash is in the Retained Earnings account? Complete this question by entering your answers in the tabs below. How much cash is in the Retained Earnings account? \\begin{tabular}{|l|l|l|} \\hline \\multicolumn{2}{|c|}{ For the Year Ended December 31, Year 2} \\\\ \\hline Cash flows from operating activities: & & \\\\ \\hline & & \\\\ \\hline & & \\\\ \\hline Net cash flow from operating activities & & \\\\ \\hline Cash flows from investing activities: & & \\\\ \\hline & & \\\\ \\hline Net cash flow from investing activities & & \\\\ \\hline Cash flows from financing activities & & \\\\ \\hline & & \\\\ \\hline & & \\\\ \\hline & & \\\\ \\hline & & \\\\ \\hline \\end{tabular} Prepare a statement of changes in equity 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. How much cash is in the Retained Earnings account? Complete this question by entering your answers in the tabs below. Determine the percentage of assets that were provided by retained earnings. (Round your answer to 1 decimal place Dakota Company experienced the following events during Year 2: 1. Acquired \$ \\$ 20,000 \$ cash from the issue of common stock. 2. Paid \$ \\$ 15,000 \$ cash to purchase land. 3. Borrowed \$ \\$ 5,000 \$ cash. 4. Provided services for \$ \\$ 40,000 \\mathrm{cash} \$. 5. Paid \$ \\$ 1,000 \$ cash for utilities expense. 6. Paid \$ \\$ 30,000 \$ cash for other operating expenses. 7. Paid a \$ \\$ 3,750 \$ cash dividend to the stockhoiders. 8. Determined that the market value of the land purchased in Event 2 is now \$ \\$ 17,500 \$. 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 tities 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 occounting 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 enmings. c-2. How much cash is in the Retained Earnings account? 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. How much cash is in the Retained Earnings account? Complete this question by entering your answers in the tabs below. How much cash is in the Retained Earnings account? \\begin{tabular}{|l|l|l|} \\hline \\multicolumn{2}{|c|}{ For the Year Ended December 31, Year 2} \\\\ \\hline Cash flows from operating activities: & & \\\\ \\hline & & \\\\ \\hline & & \\\\ \\hline Net cash flow from operating activities & & \\\\ \\hline Cash flows from investing activities: & & \\\\ \\hline & & \\\\ \\hline Net cash flow from investing activities & & \\\\ \\hline Cash flows from financing activities & & \\\\ \\hline & & \\\\ \\hline & & \\\\ \\hline & & \\\\ \\hline & & \\\\ \\hline \\end{tabular}