Karen White helped organize a charity fund to help cover the medical expenses of her friend, Vicky Hill, who was seriously injured in a bicycle accident. The fund was named the Vicky Hill Recovery Fund (VHRF), Karen contributed $1100 of her own money to the fund, The $1,100 was paid to WKUX, a local radio station that designed and played an advertising campaign to educate the public about Vicky's predicament. The campaign resulted in the collection of $15,000 cash, and VHRF paid $10700 to Mercy Hospital to cover Vicky's outstanding hospital cost. The remaining $4,300 was donated to the National Cyclist Fund Required Identify the entitles mentioned in the scenario and explain what happened to the cash accounts of each entity you identify Entities Mentioned Vicky Hill Recovery Fund Effect On Cash for cash contributions, S16,100 for payment of advertising. 51,100 payment for hospital bills, $10,700 for donation to National Cyclist Fund, 54 300 by contribution, $1.100 for advertising revenus, S1,100 for contributions, S15,000 for medical care, $10,700 for donation, $4,300 Karen White WKUX Public Morcy Hospital National Cyclist Fund Prev 1 of 6 13 Next > As of December 31 Year 1, Moss Company had total cash of $146,000. notes payable of $84,600, and common stock of $51.400. During Year 2. Moss earned $26,000 of cash revenue, paid $15,000 for cash expenses, and paid a $2,000 cash dividend to the stockholders Required a. Determine the amount of retained earnings as of December 31. Year 1. b. & c. Create an accounting equation and record the beginning account balances, revenue, expense and dividend events under the appropriate elements of the accounting equation d. Complete the equality of the accounting equation as of December 31, Year 2 Complete this question by entering your answers in the tabs below. Reg A Reg B and Reg D Determine the amount of retained earnings as of December 31, Year 1. Retained earings The December 31, Year 1, balance sheet for Deen Company showed total stockholders' equity of $79,500. Total stockholders' equity Increased by $45,000 between December 31, Year 1 and December 31, Year 2. During Year 2 Deen Company acquired $32,000 cash from the issue of common stock. Deen Company paid a $4.500 cash dividend to the stockholders during Year 2. Required Determine the amount of net income or loss Deen reported on its Year 2 income statement. (Hint Remember that stock issues, net income, and dividends all change total stockholders' equity) Majka Company was started on January 1 Year 1 During Year 1, the company experienced the following three accounting events. (1) earned cash revenues of $31,900, (2) paid cash expenses of $14,300, and (3) paid a $2,600 cash dividend to its stockholders. These were the only events that affected the company during Year 1 Required a. Record the effects of each accounting event under the appropriate general ledger account headings b. Prepare an income statement, statement of changes in stockholders' equity, and a balance sheet dated December 31. Year 1, for Majka Company Complete this question by entering your answers in the tabs below. Stmt Required B Inc Required B Required A Stmt of Required B Bal Changes Sheet Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign.) MAJKA COMPANY Sheet Required a Required B Inc Required B Stmt Stmt of Required B Bal Changes Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign.) MAJKA COMPANY Accounting Equation for Year1 Liabilities Assets + Event Stockholders' Equity Common Retained Stock Earnings Cash + + 1 + + 2 3 + + + Ending balance 0 0 0 Recen Required B Inc Stmt > Olive Enterprises experienced the following events during Year 1 1. Acquired cash from the issue of common stock 2. Paid cash to reduce the principal on a bank note 3. Sold land for cash at an amount equal to its cost. 4. Provided services to clients for cash. 5. Paid utilities expenses with cash 6. Paid a cash dividend to the stockholders. Required Indicate which of the above events occur in the equation by selecting the letter "T" for increase the letter "D" for decrease. "I/D" for increase and decrease in a particular component, and "NA" for does not affect under each of the components of the accounting equation. The first event is shown as an example OLIVE ENTERPRISES Accounting Equation Stockholders' Equity Event Aceste Nevada Company experienced the following events during its first year of operations: 1. Acquired an additional $1,000 cash from the issue of common stock. 2. Paid $2,400 cash for utilities expense. 3. Paid a $1,500 cash dividend to the stockholders. 4. Provided additional services for $6,000 cash. 5. Purchased additional land for $2,500 cash. 6. The market value of the land was determined to be $24,000 at the end of the accounting period 7. Acquired $16,000 cash from the issue of common stock. 8. Paid $3,500 cash for salary expense. 9. Borrowed $10,000 cash from New South Bank. 10. Paid $6,000 cash to purchase land. 11. Provided boarding services for $10,500 cash. Required Classify each event as an asset source, use, or exchange transaction or as not applicable (NA)