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Posted on Jul 03, 2024

Dakota Company experienced the following events during 2018: 1. Acquired $20,000 cash from the issue of common stock 2. Pald $25,000 cash to purchase land.

Dakota Company experienced the following events during 2018: 1. Acquired $20,000 cash from the issue of common stock 2. Pald $25,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $42,500 cash. 5. Pald $1,500 cash for utilities expense. 6. Paid $30,000 cash for other operating expenses. 7. Pald a $3,000 cash dividend to the stockholders, 8. Determined that the market value of the land purchased in Event 2 is now $27,500 Required a. The January 1, 2018, general ledger account balances are shown in the following accounting equation. Record the elght 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 2018 accounting period. b-2. Prepare a statement of changes in equity for the 2018 accounting period. b-3. Prepare a year-end balance sheet for the 2018 accounting period, b-4. Prepare a statement of cash flows for the 2018 accounting period. c. Determine the percentage of assets that were provided by retained earnings. Can you determine the cash in retained earnings? Complete this question by entering your answers in the tabs below. ReqA Req B1 Req B2 Req B3 Req B4 Regc The January 1, 2018, 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. Select "NA" if there is no effect on the "Account Titles for Retained Earnings".) Show less Assets Event Account Titles for Retained Earnings Cash + 10,000+ 20,000 DAKOTA COMPANY Accounting Equation for 2018 - Liabilities + Stockholders' Equity Notes Common Retained Land Pavable Stock Earnings 15,000 - 8,000 + 17,000 20,000+ 1/1/2018 Totals Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Reqc Prepare an income statement for the 2018 accounting period. DAKOTA COMPANY Income Statement For the Year Ended December 31, 2018 Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Reg C Prepare a statement of changes in equity for the 2018 accounting period. DAKOTA COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 Beginning common stock Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity Req B3 > Dakota Company experienced the following events during 2018: 1. Acquired $20,000 cash from the issue of common stock 2. Pald $25,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $42,500 cash. 5. Pald $1,500 cash for utilities expense. 6. Paid $30,000 cash for other operating expenses. 7. Pald a $3,000 cash dividend to the stockholders, 8. Determined that the market value of the land purchased in Event 2 is now $27,500 Required a. The January 1, 2018, general ledger account balances are shown in the following accounting equation. Record the elght 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 2018 accounting period. b-2. Prepare a statement of changes in equity for the 2018 accounting period. b-3. Prepare a year-end balance sheet for the 2018 accounting period, b-4. Prepare a statement of cash flows for the 2018 accounting period. c. Determine the percentage of assets that were provided by retained earnings. Can you determine the cash in retained earnings? Complete this question by entering your answers in the tabs below. ReqA Req B1 Req B2 Req B3 Req B4 Regc The January 1, 2018, 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. Select "NA" if there is no effect on the "Account Titles for Retained Earnings".) Show less Assets Event Account Titles for Retained Earnings Cash + 10,000+ 20,000 DAKOTA COMPANY Accounting Equation for 2018 - Liabilities + Stockholders' Equity Notes Common Retained Land Pavable Stock Earnings 15,000 - 8,000 + 17,000 20,000+ 1/1/2018 Totals Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Reqc Prepare an income statement for the 2018 accounting period. DAKOTA COMPANY Income Statement For the Year Ended December 31, 2018 Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Reg C Prepare a statement of changes in equity for the 2018 accounting period. DAKOTA COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 Beginning common stock Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity Req B3 >