Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 1. Acquired $70,000 by issuing common stock. 2. Received $120,000 cash for providing services to customers. 3. Borrowed $19,000 cash from creditors. 4. Paid expenses amounting to $56,000. 5. Purchased land for $35,000 cash. Transactions for 2019 Beginning account balances for 2019 are: Cash Land Notes payable Common stock Retained earnings $118,000 35,000 19,000 70,000 64,000 1. Acquired an additional $24,000 from the issue of common stock. 2. Received $134,000 for providing services. 3. Paid $14,000 to creditors to reduce loan. 4. Paid expenses amounting to $71,000. 5. Paid a $13,000 dividend to the stockholders. 6. Determined that the market value of the land is $45,000. Complete this question by entering your answers in the tabs below. Inc Stmt 2018 Inc Stmt 2019 Prepare an income statement for the year 2018. MARK'S CONSULTING Income Statement For the Year Ended December 31, 2018 Complete this question by entering your answers in the tabs below. Inc Stmt 2018 Inc Stmt 2019 Prepare an income statement for the year 2019. MARK'S CONSULTING Income Statement For the Year Ended December 31, 2019 SE 2018 SE 2019 Prepare a statement of changes in stockholders' equity for the year 2019. MARK'S CONSULTING Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2019 Beginning common stock Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity Prepare a year-end balance sheet for the year 2018. MARK'S CONSULTING Balance Sheet As of December 31, 2018 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Prepare a year-end balance sheet for the year 2019. MARK'S CONSULTING Balance Sheet As of December 31, 2019 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Bal Sheet 2018 Bal Sheet 2019 > MARK'S CONSULTING Statement of Cash Flows For the Year Ended December 31, 2018 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 Ending cash balance Prepare a statement of cash flows for the year 2019. (Amounts to be deducted should be indicated with a minus sign.) MARK'S CONSULTING Statement of Cash Flows For the Year Ended December 31, 2019 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Ending cash balance c. Determine the amount of cash that is in the retained earnings account at the end of 2018 and 2019. e. Determine the balance in the Retained Earnings account immediately after Event 2 in 2018 and in 2019 are recorded. 2018 2019 C. Retained earnings Retained earnings e
