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Posted on Sep 12, 2024

Dakota Company experienced the following events during Year 2. 6 20 points 1. Acquired $20,000 cash from the issue of common stock. 2. Paid $15,000

Dakota Company experienced the following events during Year 2. 6 20 points 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 $2,000 cash dividend to the stockholders 8. Determined that the market value of the land purchased in Event 2 is now $17,500 BOOK Print torences Required a. The January 1 Year 2. general ledger account balances are shown in the following accounting equation Record the eight events i 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? NY 04 RYD Ney RYD REYA NY DE REY 2 The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight ev general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide for these accounts in the last column of the table. The first event is shown as an example. (Enter any decreases to account sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells require input.) Assets Book Event Cash + terences + Beg 1. 2 3 4 5. 6 7 B + 10,000+ 20,000+ (15,000) 5,000+ 40,000+ (10,000) (30,000) + (2.000) DAKOTA COMPANY Accounting Equation for Year 2 Liabilities + Stockholders' Equity Account Titles for Notes Common Retained Retained Earnings Land Payable Stock Earnings 15,000 - 5,000+ 5,0001 - 15,000 20,000+ 15,000 5,000 40.000 Service revenue (10,000) Utilities expense (30,000) Operating expense (2.000) Dividends 2,500 2.500 32 25 15 1 ME Prepare an income statement for the Year 2 accounting period. DAKOTA COMPANY Income Statement For the Year Ended December 31, Year 2 Service revenue Utilities expense Operating expense Net income ok st nces Req A Req B1 Reg Req B3 ReqF2 Req B4 Reg C1 Prepare a statement of changes in equity for the Year 2 accounting period. $ 0 DAKOTA COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock Plus: Common stock issued Ending common stock $ Beginning retained earnings Plus: Net income Less: Dividends Ending retained earnings Total stockholders' equity $ ook Tint rences 0 Req A Req B2 Req B4 Req B1 Req C1 ReB3 6 Prepare a year-end balance sheet for the Year 2 accounting period. DAKOTA COMPANY Balance Sheet As of December 31, Year 2 20 points Assets eBook Print $ References Total assets Liabilities $ 0 Total liabilities Stockholders' Equity Total stockholders' equity 0 Saved Req A Req B1 Req B2 Req B3 Req B4 Req c1 Prepare a statement of cash flows for the Year 2 accounting period. (Cash outflows should DAKOTA COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: k ncos $ 0 Net cash flow from operating activities Cash flows from investing activities: 0 Net cash flow from investing activities Cash flows from financing activities: Saved Curry 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. ReqA Req B1 Req B2 Req B3 Req B4 Req ci Req c2 Determine the percentage of assets that were provided by retained earnings. (Round your answer to Percentage of assets % Ly w 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. Req A Req B1 Req B2 Req B3 Req B4 Req c1 Rec2 Can you determine the cash in retained earnings? Can you determine the cash in retained earnings?