Che 1. Acquired $30,000 cash from the issue of common stock 2. Paid $12,000 cash to purchase land. 3. Borrowed $10,000 cash 4. Provided services for $20,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $15,000 cash for other operating expenses. 7. Paid a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $12,700. 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? 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 Assets Event Cash Land DAKOTA COMPANY Accounting Equation for Year 2 Liabilities Stockholders' Equity Account Titles for Retained Notes Common Retained Earnings Payable Stock Earnings 6,000+ 8,000 + 30,000+ + 12.000 + 2,000+ 30,000+ 1/1/Year 2 1 2 3 + + + - + 4 5 6 7 8 Totals Prev 1 of 1 !!! Next c-2. Can you determine the cash in retained earnings? Complete this question by entering your answers in the tabs below. ReqA Reh B1 Reg B2 Req B3 Req B4 Reg C1 Reg C2 Prepare an income statement for the Year 2 accounting period. DAKOTA COMPANY Income Statement For the Year Ended December 31, Year 2 Prev 1 of 1 !!! Next Complete this question by entering your answers in the tabs below. Req A Req B1 Req Bb Req B3 Req B4 Req C1 Reg C2 Prepare a statement of changes in equity for the Year 2 accounting period. DAKOTA COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity LEIL URI LIVE I. Puu yu VIIV VULCY Prvu. DAKOTA COMPANY Balance Sheet As of December 31, Year 2 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Prev Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Net cash flow from financing activities Ending cash balance Prev 1 of 1 HI Next Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 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 96 Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Reg B4 Reg C1 Reg C2 Can you determine the cash in retained earnings? Can you determine the cash in retained earnings?
