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Exercise 1-21A (Algo) Preparing financial statements - retained earnings emphasis LO 1-4, 1-5, 1-7, 1-8, 19 On January 1, Year 2 the following information was drawn from the accounting records of Carter Company cash of $600 : land of $3.000, notes payable of $900, and common stock of $1,620 Required a. Determine the amount of retained earaings as of January 1 , Year 2 , b. Atter looking at the amount of relained eatnings, the chief executive officer (CEO) wants to pay a 5700 cash dividend to the stockholders can the company pay this dividend? c. As of Jancary 1. Year 2. What percentage of the assets were acquired from creditors? d. As of January 1 . Year 2 . what percentage of the assets were acquired from investors? e. As of January 1 Year 2 . What percentage of the assets were acquired from retained eamings? 1. Cieate an accounting equation using percentages instead of dollar amounts on the right side of the equation 9. During Yeor 2, Carter Company earned cash revenue of $820, paid cash expenses of $460, and paid a cash dividend of 566 . (Hirr. It is heipful to record these events under an accounting equation before preparing the statements.) 9-1. Prepare an inconre statement dated December 31 , Year 2 9-2. Prepare a statement of changes in 5 tockholders' equity dated December 31 . Year 2 9-3. Prepare a balance sheet dated December 31. Year 2. 9-4. Prepare a statement of cash flows dated December 31 . Year 2. j. What is the balance in the Revenue nccount on January 1, Year 3? g-3. Prepare a balance sheet dated December 31, Year 2 9-4. Prepare a statement of cash flows dated December 31, Year 2. j. What is the balance in the Revenue account on January 1, Year 3 ? Complete this question by entering your answers in the tabs below. As of January 1, Year 2, what percentage of the assets were acquired from creditors, Investors and retained earnings? 9-3. Prepare a balance sheet dated December 31 , Year 2 9-4. Prepare a statement of cash flows dated December 31, Year 2. j. What is the balance in the Revenue account on January 1, Year 3 ? Complete this question by entering your answers in the tabs below. Create an accounting equation using percentages instead of dollar amounts on the right side of the equation. (Round your percentage answers to 1 decimal place.) During Year 2, Carter Company earned cash revenue of $820, paid cash expenses of $460, and paid a cash dividend of 566 . (Hinti it is helphul to r thene events under an accounting equation before preparing the staternents.) (Enter any decreases to account balances with at ininus sign. Not all require entry.) During Year 2, Carter Company earned cash revenue of $820, paid cash expenses of $460, and paid a cash dividend of 566 . (Hinti it is helphul to r thene events under an accounting equation before preparing the staternents.) (Enter any decreases to account balances with at ininus sign. Not all require entry.) g-s. Yrepare a balance sneet dated vecember 31 , rear . 9-4. Prepare a statement of cash flows dated December 31, Year 2 J. What is the balance in the Revenue account on January 1 , Year 3 ? Complete this question by entering your answers in the tabs below. Prepare an income statement dated December 31, Year 2. Prepare a statement of changes in stockholders' equity dated Decernber 31 , Year 2 . Prepare a statement of cash flows dated December 31, Year 2. (Cash outflows should be indicated with a min It is helptul to record these events under an accounting equation before preparing the statements.) 9-1. Prepare an income statement dated December 31 . Year 2. 9-2. Prepare a statement of changes in stockholders' equity dated December 31, Year 2 g-3. Prepare a balance sheet dated December 31, Year 2 9-4. Prepare a statement of cash flows dated December 31 , Year 2. j. What is the balance in the Revenue account on January 1, Year 3 ? Complete this question by entering your answers in the tabs below. What is the balance in the Revenue account on January 1, Year 3
