Please show filled out chart for part B4 above.
GHA Ch 1 Saved Help Save & Exit Submit Check my work UT 5 Mark's Consulting experienced the following transactions for Year 1, its first year of operations, and Year 2. Assume that all transactions involve the receipt or payment of cash. Transactions for Year 1 eBook 1. Acquired $60,000 by issuing common stock. 2. Received $125,000 cash for providing services to customers. 3. Borrowed $21,000 cash from creditors. 4. Paid expenses amounting to $58,000. 5. Purchased land for $35,000 cash. Print Transactions for Year 2 Beginning account balances for Year 2 are: Cash Land Notes payable Common stock Retained earnings $113,000 35,000 21,000 60,000 67,000 1. Acquired an additional $21,000 from the issue of common stock. 2. Received $132,000 for providing services. 3. Paid $16,000 to creditors to reduce loan. 4. Paid expenses amounting to $65,000. 5. Paid a $12,000 dividend to the stockholders. 6. Determined that the market value of the land is $45,000. Required a. Record the effects of each accounting event under the appropriate headings for each year. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide appropriate titles for these accounts in the last column of the table. b-1. Prepare an income statement for each year accounting period. b-2. Prepare a statement of changes in stockholders' equity for each year accounting period. b-3. Prepare a year-end balance sheet for each year accounting period. b-4. Prepare a statement of cash flows for each year accounting period. c. Determine the amount of cash that is in the retained earnings account at the end of Year 1 and Year 2. e. Determine the balance in the Retained Earnings account immediately after Event 2 in Year 1 is recorded and after Event 2 in Year 2 is recorded. Complete this question by entering your answers in the tabs below. Reg A Req B1 Reg B2 Reg B3 Req B4 Reg C Reg E Prepare a statement of cash flows for each year accounting period. (Cash outflows should be indicated with a minus sign.) MARK'S CONSULTING SERVICES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Cash payment on debt $ 67,000 $ 67,000 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 0 Ending cash balance $ 0 MARK'S CONSULTING SERVICES 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 Cash flows from financing activities Net cash flow from financing activities 0 Ending cash balance 0
