Saved On January 1, Year 3, the following information was drawn from the accounting records of Carter Company cash of $700; land of $3,300; notes payable of $800; and common stock of $2,200, Required a. Determine the amount of retained earnings as of January 1, Year 3. b. After looking at the amount of retained earnings, the chief executive officer (CEO) wants to pay a $800 cash dividend to the stockholders. Can the company pay this dividend? c. As of January 1, Year 3, what percentage of the assets were acquired from creditors? d. As of January 1 Year 3, what percentage of the assets were acquired from investors? e. As of January 1. Year 3, what percentage of the assets were acquired from retained earnings? f. Create an accounting equation using percentages instead of dollar amounts on the right side of the equation, g. During Year 3. Carter Company earned cash revenue of $900, paid cash expenses of $500, and paid a cash dividend of S70, Record these events using the accounting equation g-1. Prepare an income statement dated December 31, Year 3. 9.2. Prepare a statement of changes in stockholders' equity dated December 31, Year 3. 9.3. Prepare a balance sheet dated December 31, Year 3. 9.4. Prepare a statement of cash flows dated December 31 Year 3. j. What is the balance in the Revenue account on January 1. Year 4? Complete this question by entering your answers in the tabs below. Reg 02 Reg 61 Rec Rego Re 04 Reg A and B Reg to E Rogo Determine the amount of retained earnings as of January 1 Year 3 After looking at the amount of retained earnings, the chief executive officer (CEO) wants to pay a $600 cash dividend to the stockholders. Can the company pay this dividend? Nex! RECUTU ese ever is using e Comurg equatur. g-1. Prepare an income statement dated December 31, Year 3. g-2. Prepare a statement of changes in stockholders' equity dated December 31, Year 3. g-3. Prepare a balance sheet dated December 31, Year 3. 9-4. Prepare a statement of cash flows dated December 31, Year 3. j. What is the balance in the Revenue account on January 1, Year 4? Complete this question by entering your answers in the tabs below. Reg C to EN Rego Reg F Reg A and B Req G1 Reg 02 Reg Req G3 Reg 04 As of January 1, Year 3, what percentage of the assets were acquired from creditors, investors and retained earnings? c d % Percentage of the assets were acquired from creditors Percentage of the assets were acquired from investors Percentage of the assets were acquired from retained earings e 2 RELUTU ese events using uie alturung equauun. 9-1. Prepare an income statement dated December 31, Year 3. 9-2. Prepare a statement of changes in stockholders' equity dated December 31, Year 3. 9-3. Prepare a balance sheet dated December 31, Year 3. 9-4. Prepare a statement of cash flows dated December 31, Year 3. j. What is the balance in the Revenue account on January 1, Year 4? Complete this question by entering your answers in the tabs below. Ook int Reg A and B Reg C to E Real Req Reg 1 Req G2 Reg 3 Reg 64 Reg! encos Create an accounting equation using percentages instead of dollar amounts on the right side of the equation CARTER COMPANY Accounting Equation as of January 1, Year 3 Assets Liabilities Stockholders' Equity Retained Cash Land Common Notes Payable Stock Earnings % % 56 2 RECUTU ese vers using LLUuny equauuri. G-1. Prepare an income statement dated December 31, Year 3. 9.2. Prepare a statement of changes in stockholders' equity dated December 31, Year 3. 9-3. Prepare a balance sheet dated December 31, Year 3. 9-4. Prepare a statement of cash flows dated December 31, Year 3. J. What is the balance in the Revenue account on January 1, Year 4? Complete this question by entering your answers in the tabs below. Cook Hint rint Req A and B Reg C to E Reg F ReT Reg G1 Req G2 Req G3 Reg 64 Reg During Year 3, Carter Company eamed cash revenue of $900, paid cash expenses of $500, and paid a cash dividend of $70. Record these events using the accounting equation. (Enter any decreases to account balances with a minus sont is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells require input.) rences CARTER COMPANY Accounting Equation as of December 31, Year 3 Liabilities Stockholders' Equity Notes Common Retained Land Payable Stock Earnings Assets Account Titles for Retained Earnings Cash Regt Reg Gt > RECUTU uvese events using ue altuununiy equatur. 9-1. Prepare an income statement dated December 31, Year 3. 9-2. Prepare a statement of changes in stockholders' equity dated December 31, Year 3. g-3. Prepare a balance sheet dated December 31, Year 3. 9-4. Prepare a statement of cash flows dated December 31, Year 3. j. What is the balance in the Revenue account on January 1, Year 4? Complete this question by entering your answers in the tabs below. Reg A and B Req C to E ReqF Req G Req G1 Re[62 Req G3 Reg 64 Reg Prepare a statement of changes in stockholders' equity dated December 31, Year 3. CARTER COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 3 Beginning common stock $ 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders equity $ 0 2 Reg A and B Reg C to E ReqF Reg G Reg 61 Reg 02 Rega Reg 04 Re Prepare a balance sheet dated December 31, Year 3. CARTER COMPANY Balance Sheet As of December 31, Year ook Assets ant ances Total assets Lisbilities 5 0 Total liabilities Stockholders' Equity Total stockholders equity Totalfabes and stockholders' equity 0 0 $ Reg A and B Req C to E Reg F Req G Req G1 Reg 2 Roq 63 Req c) Req3 Prepare a statement of cash flows dated December 31, Year 3. (Cash outflows should be indicated with a minus sign.) CARTER COMPANY Statement of Cash Flows For the Year Ended December 31, Year 3 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 e. As of January 1 Year 3, what percentage of the assets were acquired trom retained earnings f. Create an accounting equation using percentages instead of dollar amounts on the right side of the equation 9. During Year 3. Carter Company eamed cash revenue of $900, paid cash expenses of $500, and paid a cash dividend of $70 Record these events using the accounting equation. 9-1. Prepare an income statement dated December 31, Year 3. 9-2. Prepare a statement of changes in stockholders' equity dated December 31, Year 3. 9-3. Prepare a balance sheet dated December 31, Year 3. 9-4. Prepare a statement of cash flows dated December 31, Year 3. J. What is the balance in the Revenue account on January 1, Year 4? Complete this question by entering your answers in the tabs below. Req A and B Red C to E Reg F ReqG Reg G1 Req G2 Req G3 Reg G4 Req3 What is the balance in the Revenue account on January 1, Year 47 Balance in revenue account