Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues
Mijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues of $30,400; (2) paid cash expenses of $13,800; and (3) paid a $2,100 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 Mijka Company. Complete this question by entering your answers in the tabs below. Req B Income Req A Statement Req B Statement of Changes Req B Balance Sheet Reced the effects of each accounting event under the appropriate general ledger account headings. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. MIJKA COMPANY Accounting Equation for Year1 Assets Event Cash Stock issuance 1. Cash revenues 100,000 30,400 2. Paid expenses 3. Paid dividend (13,800) (2,100) Ending balance 114,500 Liabilities Stockholders' Equity Common Stock + Retained Earnings 100,000 + + 30,400 + + (13,800) + + (2,100) 0 + 100,000 + 14,500
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started