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please answer all parts in the tables Dakota Company experienced the following events during Year 2 1. Acquired $30,000 cash from the issue of common
please answer all parts in the tables
Dakota Company experienced the following events during Year 2 1. Acquired $30,000 cash from the issue of common stock 2. Pald $12,000 cash to purchase land 3. Borrowed $10,000 cash 4. Provided services for $20,000 cash 5. Pald $1,000 cash for utilities expense 6. Paid $15,000 cash for other operating expenses 7. Pald a $2,000 cash dividend to the stockholders 3. 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 perlod 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? Complete this question by entering your answers in the tabs below. Reg CI Reg C2 Reg Reg B1 Reg 14 Reg B2 Reg 3 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 a there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells require input.) Show less Assets DAKOTA COMPANY Accounting Equation for Year 2 Liabilities Stockholders' Equity Account Titles for Retnined Notes Common Retained Earnings Payable Stock Earnings 6,000 8,000 30,000 Eht Cash Land 12,000 1/1/Year 2 1. 2000 - 30.000 2 3 4 5 6 7 8 Totals RELA Req 81 > Req A Req B1 Reg B2 Reg B3 Reg 34 Reg di Reg 02 Prepare an income statement for the Year 2 accounting period. DAKOTA COMPANY Income Statement For the Year Ended December 31, Year 2 Prepare a statement of changes in quity 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 Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity Prepare a year-end balance sheet for the Year 2 accounting period. DAKOTA COMPANY Balance Sheet As of December 31, Year 2 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Can you determine the cash in retained earnings? Can you determine the cash in retained earnings? Step by Step Solution
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