At the beginning of Yeal 2, Better Corp's accounting records had the following general ledger accounts and balances. BETTER CORP Accounting Equation Accounting Titles for Retained Earnings Event - + Cash 22.000 Land 32,000 Liabilities Notes Payable 13,200 Stockholders' Equity Common Stock Retained Earnings 8,200 32.600 Balance 01/01/Year 2 Better Corp. completed the following transactions during Year 2: 1. Purchased land for $11,000 cash 2. Acquired $37,000 cash from the issue of common stock. 3. Received $76,000 cash for providing services to customers. 4. Pald cash operating expenses of $40,800. 5. Borrowed $22,000 cash from the bank 6. Pald a $11,000 cash dividend to the stockholders. 7. Determined that the market value of the land purchased in event is $47.000. Required a. Record the transactions 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. b. As of December 31, Year 2, determine the total amount of assets, liabilities, and stockholders' equity and present this information in the form of an accounting equation c. What is the amount of total assets, liabilities, and stockholders' equity as of January 1, Year 3? Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the transactions 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. (Enter any decreases to account balances with a minus sign Select "NA" If there is no effect on the "Accounts Titles for Retained Earnings".) Show less Event Assets BETTER CORPORATION Accounting Equation for Year 1 - Liabilities - Stockholders' Equity Notes Common Retained Land Pane Stock Earnings Cash Accounts Titles for Retained Earnings - a. Record the transactions in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings coluinn. Provide the appropriate titles for these accounts in the last column of the table. b. As of December 31, Year 2, determine the total amount of assets, liabilities, and stockholders' equity and present this information in the form of an accounting equation. c. What is the amount of total assets, liabilities, and stockholders' equity as of January 1, Year 3? Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the transactions 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. (Enter any decreases to account balances with a minus sign Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings".) Show less Event Assets BETTER CORPORATION Accounting Equation for Year 1 Liabilities Stockholders' Equity Notes Common Retained Land = Payable Stock Earnings 32.000 13 200+ 8.200 . 32 500 Accounts Titles for Retained Earnings Cash Balance 1/1/Year 2 22.000 + Totale 22,000+ 32.000 32.800 Required 8 > Event Accounting Retained Cash 22,000 Assets - Land 32,000 Liabilities Notes Payable 13,200 Stockholders' Equity Common Stock Retained Earnings 8,200 32.600 Balance 01/01/Year 2 Better Corp. completed the following transactions during Year 2: 1. Purchased land for $11.000 cash. 2. Acquired $37.000 cash from the issue of common stock. 3. Received $76,000 cash for providing services to customers. 4. Paid cash operating expenses of $40,800. 5. Borrowed $22,000 cash from the bank. 6. Paid a $11,000 cash dividend to the stockholders. 7. Determined that the market value of the land purchased in event 1 is $47,000. Required a. Record the transactions 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. b. As of December 31, Year 2, determine the total amount of assets, liabilities, and stockholders' equity and present this information in the form of an accounting equation c. What is the amount of total assets, liabilities, and stockholders' equity as of January 1, Year 3? Complete this question by entering your answers in the tabs below. Required A Reqhired B Required C As of December 31, Year 2, determine the total amount of assets, liabilities, and stockholders' equity and present this information in the form of an accounting equation. Assets Llabilities Stockholders Equity ( Required A Required > ework Accounting Equation Event Accounting Retained Assets Land 32,000 Cash 2 2,000 Liabilities Notes Payable 13,200 Balance 01/01/Year 2 Stockholders' Equity Common Stock Retained Earnings 8,200 32,600 Better Corp, completed the following transactions during Year 2: 1. Purchased land for $11,000 cash. 2. Acquired $37,000 cash from the issue of common stock. 3. Received $76,000 cash for providing services to customers. 4. Paid cash operating expenses of $40,800. 5. Borrowed $22.000 cash from the bank. 6. Paid a $11,000 cash dividend to the stockholders. 7. Determined that the market value of the land purchased in event 1 is $47,000. Required a. Record the transactions 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. b. As of December 31, Year 2, determine the total amount of assets, liabilities, and stockholders' equity and present this information in the form of an accounting equation. c. What is the amount of total assets, liabilities, and stockholders' equity as of January 1, Year 3? Complete this question by entering your answers in the tabs below. Required A Required B Required C What is the amount of total assets, liabilities, and stockholders' equity as of January 1, Year 3? Assets = Liabilities Liabilities + Stockholders' Equity
