Just Req A

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. Paid $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 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? Req A Req B1 Req B2 Req B3 Reg B4 Reg C1 Req C2 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. (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 A DAKOTA COMPANY Accounting Equation for Year 2 Assets = Liabilities Stockholders' Equity Event Common Retained Account Titles for Retained Earnings Notes Payable = Stock Earnings 8,000 1/1/Year 2 12,000 = 6,000. 1. 30,000+ 2 3. 36,000+ 8,000 4. 5 6. 7. 8 Totals: Cash 2,000+ 30,000+ + . ++ 32,000+ Land 12,000 0