Dakota Company experienced the following events during Year 2 1. Acquired $30,000 cash from the issue of common stock. 2. Paid $10,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $50,000 cash. 5. Paid $1,500 cash for utilities expense. 6. Paid $35,000 cash for other operating expenses. 7. Poid o $10,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $12,500. 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 earings c-2. Can you determine the cash in retained earnings? Complete this question by entering your answers in the tabs below. Red A Red B1 Red B2 Reg B3 Reg 84 Reg CI R4 C2 Prey 1 of 3 !!! Next Red A Rest Reg 02 Reg 03 Reg 14 Regci Reg C2 The Junuary 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 DAKOTA COMPANY Accounting Equation for Year 2 Liabilities Stockholders' Equity Notes Common Retained Land Payable Stock Earnings 25.000 17.000- 10.000 13,000 30 000 - Account Titles for Retained Earnings Cash 15.000- 30.000 Beg 1 2 3 4 5 6 7 8 Totais Reg 1 > map/index.html?_con=con&external_browser=0&launchu Saved Complete this question by entering your answers in the tabs below. Reg A Reg B1 Req B2 Req B3 Req B4 Req c1 Req c2 Prepare an income statement for the Year 2 accounting period. DAKOTA COMPANY Income Statement For the Year Ended December 31, Year 2 Complete this question by entering your answers in the tabs below. Reg A Req B1 Reg B2 Req B3 Reg B4 Reg 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 es S 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ 0 Req A Req B11 Req B2 Req B3 Req B4 Req C1 Reg C2 Prepare a year-end balance sheet for the Year 2 accounting period. DAKOTA COMPANY Balance Sheet As of December 31, Year 2 Assets s 0 Total assets Liabilities S 0 Total liabilities Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 Prey 1 of 3 Next Garved Hequired a. The January 1, Year 2. general ledger account balances are shown in the following accounting equation. Record the elght events ir 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? Complete this question by entering your answers in the tabs below. ces Reg A Reg B1 Req B2 Req B3 Reg 14 Req ci Reach Can you determine the cash in retained earnings? Can you determine the cash in retained earnings?
