Exercise 1-19A Preparing financial statements LO 1-7, 1-8, Dakota Company experienced the following events during 2018: 1. Acquired $10,000 cash from the issue of common stock 2. Paid $10,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $25,000 cash. 5. Paid $1,500 cash for utilities expense. 6. Paid $15,000 cash for other operating expenses. 7. Pald a $3,000 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, 2018, general ledger account balances are shown in the following accounting equation Record the eight events 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 2018 accounting period. b-2. Prepare a statement of changes in equity for the 2018 accounting period. b-3. Prepare a year-end balance sheet for the 2018 accounting period. b-4. Prepare a statement of cash flows for the 2018 accounting period. C. Determine the percentage of assets that were provided by retained earnings. Can you determine the cash in retained earnings Complete this question by entering your answers in the tabs below. ReqC Req A Reg B1 Ree B2 Reg B3 Reg 34 Prepare an income statement for the 2018 accounting period. DAKOTA COMPANY Income Statement For the Year Ended December 31, 2018 ReqA Req B2 > Exercise 1-19A Preparing financial statements LO 1-7, 1-8, Dakota Company experienced the following events during 2018: 1. Acquired $10,000 cash from the issue of common stock 2. Paid $10,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $25,000 cash. 5. Paid $1,500 cash for utilities expense. 6. Paid $15,000 cash for other operating expenses. 7. Pald a $3,000 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, 2018, general ledger account balances are shown in the following accounting equation Record the eight events 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 2018 accounting period. b-2. Prepare a statement of changes in equity for the 2018 accounting period. b-3. Prepare a year-end balance sheet for the 2018 accounting period. b-4. Prepare a statement of cash flows for the 2018 accounting period. C. Determine the percentage of assets that were provided by retained earnings. Can you determine the cash in retained earnings Complete this question by entering your answers in the tabs below. ReqC Req A Reg B1 Ree B2 Reg B3 Reg 34 Prepare an income statement for the 2018 accounting period. DAKOTA COMPANY Income Statement For the Year Ended December 31, 2018 ReqA Req B2 >
