Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

fill in the blanks Required information Mark's Consulting experienced the following transactions for Year 1, its first year of operations, and Year 2. Assume that

fill in the blanks
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information Mark's Consulting experienced the following transactions for Year 1, its first year of operations, and Year 2. Assume that all transactions involve the receipt or payment of cash. Transactions for Year 1 1. Acquired $20,000 by Issuing common stock. 2. Received $35,000 for providing services to customers. 3. Borrowed $25,000 cash from creditors. 4. Paid expenses amounting to $22.000. 5. Purchased land for $30,000 cash. Transactions for Year 2 Beginning account balances for Year 2 are: Cash Land Notes payable Common stock Retained earnings $ 28,000 30,000 25,000 20,000 13,000 1. Acquired an additional $24,000 from the issue of common stock. 2. Received $95,000 for providing services in Year 2 3. Paid $15,000 to reduce notes payable. 4. Paid expenses amounting to $71,500. 5. Pald a $3,000 dividend to the stockholders. 6. Determined that the market value of the land is $47.000, b-1. Prepare an income statement for Year 1 and Year 2. MARK'S CONSULTING Income Statement For the Period Ended December 31, Year 1 & Year 2 Year 1 Year 2 b-2. Prepare a statement of changes in stockholders' equity for Year 1 and Year 2. MARK'S CONSULTING Statement of Changes in Stockholders' Equity For the Period Ended December 31, Year 1 & Year 2 Year 1 Year 2 Beginning common stock Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity 2 b-3. Prepare a year-end balance sheet for Year 1 and Year 2. MARK'S CONSULTING 34:45 Balance Sheet December 31, Year 1 & Year 2 Year 1 Year 2 1 Assets int Total assets Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 6-4. Prepare a statement of cash flows for Year 1 and Year 2. (Amounts to be deducted should be indicated with a minus sign.) MARK'S CONSULTING Statement of Cash Flows For the Year Ended December 31, Year 1 & Year 2 Year 1 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 Endina canh halanon

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Studies Of Company Records (RLE Accounting)1830-1974

Authors: J. R. Edwards

1st Edition

1138983306, 9781138983304

More Books

Students also viewed these Accounting questions

Question

2 What are your current strengths in being an appreciative coach?

Answered: 1 week ago