Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Complete this question by entering your answers in the tabs below. Reg A Re B1 Reg 02 Red B3 Reg 4 Reg Cando The January

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Complete this question by entering your answers in the tabs below. Reg A Re B1 Reg 02 Red B3 Reg 4 Reg Cando The January 1, Year 2, account balances are shown in the following accounting equation. Record the eight events in the appropriate 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. The first event is shown as an example. (Enter any decreases to account balances with a minus sign. Not all cells require input.) Show less Assets Event Cash Land DAKOTA COMPANY Accounting Equation for Yoar 2 Liabilities Stockholders' Equity Notes Common Retained Payable Stock Earnings 18.000 10.000 19.000 10.000 Account Titles for Retained Earnings 25,000 22.000 10,000 Balance 1/1/Year 2 1 2 3 4 5 0 7 8 Totals Req A Req B1 Req B2 Req B3 Req B4 Reg C and D Prepare an income statement for the Year 2 accounting period. DAKOTA COMPANY Income Statement For the Year Ended December 31, Year 2 ces Req A Req B1 Req B2 Alba B4 Req B3 Req C and D 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 Req A Req B1 Reg C and D Req B2 Req B3 Req B4 Prepare a year-end balance sheet for the Year 2 accounting period. 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 Req A Req B1 Reg Cand D Req B2 Req B3 Req B4 Prepare a statement of cash flows for the Year 2 accounting period. (Amounts to be deducted should be indi minus sign.) DAKOTA COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 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 Reg A Req B1 Req B2 Req B3 Req C and D Req B4 C-1. Determine the percentage of assets that were provided by retained earnings. (Round (i.e., 0.234 should be entered as 23.4).) C-2. Does the retained earning balance reflect the amount of cash that the company has a d. Based on the December 31, Year 2, balance sheet, what is the largest cash dividend Da % C-1. Percentage of assets c-2. Does the retained earning balance reflect the cash for dividends? d. Cash dividend

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Accounting Principles

Authors: John Wild, Ken Shaw, Barbara Chiappetta

22nd edition

9781259566905, 978-0-07-76328, 77862279, 1259566900, 0-07-763289-3, 978-0077862275

Students also viewed these Accounting questions