Question
Multipart Accounting Question Please Help: Under Account Titles for Retained Earnings the Options are Advertising Expense, Cash, Common Stock, Dividends, Interest expense, Land, Notes payable,
Multipart Accounting Question Please Help:
Under Account Titles for Retained Earnings the Options are Advertising Expense, Cash, Common Stock, Dividends, Interest expense, Land, Notes payable, notes receivable, operating expense, rent expense, retained earnings, salaries expense, service revenue, utilities expense.
The options for the first column are the same as the ones I listed above.
The options for the first column are 1) Plus or Less Stock Issued 2) Plus or Less Net Income 3) Plus or less dividends.
The options for the first column are as follows
- Advertising expense
- Cash
- Common stock
- Dividends
- Interest expense
- Land
- Notes payable
- Notes receivable
- Operating expense
- Other expenses
- Rent expense
- Retained earnings
- Salaries expense
- Service revenue
- Utilities expense
The options for the first column are as follows:
- Cash paid to purchase land
- Cash payment for utilities expense
- Cash payments for dividends
- Cash payments for other operating expense
Until it says net cash flow financing then goes from there to...
Net increase or Net decrease in cash
and finally, plus or less beginning cash balance.
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. How much cash is in the Retained Earnings account? Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Req C1 Req C2 The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in th ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate ti the last column of the table. The first event is shown as an example. (Enter any decreases to account balances with a minus sign. Not Assets Event DAKOTA COMPANY Accounting Equation for Year 2 Liabilities Stockholders' Equity Land Notes Common Retained + Payable Stock Earnings 12,000 = 0 + 6,000 + 8,000 30,000 + Account Titles for Retained Earnings Cash + + Beginning balance 2,000 + 1. 30,000 + + 2. + + + 3. + + + 4. + = + + 5. + + 6. + = + 7. + = 8. + = + Totals 32,000 + 12,000 = 0 + 36,000 + 8,000 Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Req C1 Req c2 Prepare an income statement for the Year 2 accounting period. DAKOTA COMPANY Income Statement For the Year Ended December 31, Year 2 Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Req ci Req c2 Prepare a statement of changes in equity for the Year 2 accounting period. DAKOTA COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock $ 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ 0 Req A Req B1 Req B2 Req B3 Req B4 Reg C1 Req C2 Prepare a year-end balance sheet for the Year 2 accounting period. DAKOTA COMPANY Balance Sheet As of December 31, Year 2 Assets $ 0 Total assets Liabilities Total liabilities $ 0 Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 0 0 $ Req A Req B1 Req B2 Req B3 Req B4 Req C1 Req C2 Prepare a statement of cash flows for the Year 2 accounting period. (Cash outflows should be indicated with a minus sign.) DAKOTA COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: $ 0 Net cash flow from operating activities Cash flows from investing activities: 0 Net cash flow from investing activities Cash flows from financing activities: Net cash flow from financing activities Endina cash balance $ 0 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. How much cash is in the Retained Earnings account? Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Req C1 Req C2 Determine the percentage of assets that were provided by retained earnings. (Round your answer to 1 decimal place.) Percentage of assets % 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. How much cash is in the Retained Earnings account? Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Req ci Req c2 How much cash is in the Retained Earnings account? How much cash is in the Retained Earnings account
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