Dakota Company experienced the following events during Year 2: 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. Pald $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 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, -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 6-4. 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. Reg A Reg B1 Reg B2 Reg B3 Red B4 Req ci Reg C2 Red A ReQ B1 Reg 2 Reg B3 Reg 14 Reg C1 Reg C2 The January 1. Year 2general 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. Not all cells require entry.) Show less Assets Event DAKOTA COMPANY Accounting Equation for Year 2 - Liabilities Stockholders' Equity Account Titles for Retained Notes Land Common Retained Earnings Payable Stock Earnings 12.000 0 - 6,000 8.000 30.000 Cash Beginning balance - 1 2 - 3 . 2,000 30,000 (12.000) 10,000 20.000 (1.000) (15.000) (2.000) 5 6 7 . B Totale 32.000 12.000 ol 36.000 5,000 Reg B1 > Complete this question by entering your answers in the tabs below. Reg A Req B1 Req B2 Reg B3 Req B4 Reg 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. ReqA Reg B1 Req B2 Req B3 Reg 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 $ 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ 0 Reg A Reg 31 Req B2 Req B3 Req B4 Reg 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 0 Total assets Liabilities $ 0 Total liabilities Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 DAKOTA COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: $ 0 Net cash flow from operating activities Cash flows from investing activities: 0 Net cash flow from investing activities Cash flows from financing activities Net cash flow from financing activities 0 Ending cash balance $ Complete this question by entering your answers in the tabs below. Reg A Reg B1 Req B2 Reg B3 Reg B4 ReqC1 Reg C2 Determine the percentage of assets that were provided by retained earnings. (Round your answer to 1 decimal place.) Percentage of assets Complete this question by entering your answers in the tabs below. Req A Reg B1 Reg B2 Reg B3 Reg B4 Req ci Reg C2 How much cash is in the Retained Earnings account? How much cash is in the Retained Earnings account?
