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Jones Enterprises was started on January 1, Year 1 , when it acquired $6,000 cash from creditors and 510000 from owners. The company immediately purchased land that cost $12,000. The land purchase was the only transaction occuring during Year 1. Required: a. Record the events under an accounting equation. Note: Enter any decreases to occount balonces with a minus sign. b. As of December 31 , Year 1, Jones's obligations to ciedions represent what percentage of total assets? Note: Round your answer to 1 decimal ploce (i.e. 0.234 should be entered os 23.4). c. As of December 31, Year 1, Jones's stockholders' equily represents what percentage of total assets? Note: Round your onswer to 1 decimal ploce (i.e, 0.234 should be entered as 23.4). d. What is the maxmum cash dividend Jones can pay on December 3 , Year 1 ? e. Assume the debt is due December 31. Yeac.1. Given that Jones has 510.000 in stockholders' equity, can the company repay the cieditors at this point? The December 31, Year 1, balance sheet for Deen Company showed total stockholders' equity of $73,000. Total stockholders' equity increased by $42,500 between December 31, Year 1, and December 31, Year 2 During Year 2 , Deen Company acquired $10.700 cash from the issue of common stock. Deen Company paid a $9,500 cash dividend to the stockhoiders during Year 2. Required: Determine the amount of net income or loss Deen reported on its Year 2 income statement. (Hint Remember that stock issues, net income, and dividends all change total stockholders' equity.) All-Star Automotive Company experienced the following accounting events during Year 2 : 1. Performed services for $14,300 cash. 2. Purchased land for $7,300 cash. 3. Hired an accountant to keep the books. 4. Received $33,000 cash from the issue of common stock. 5. Borrowed $8,600 cash from State Bank. 6. Paid $4,300 cash for salary expense. 7. Sold land for $8,600 cash. 8. Paid $3,300 cash on the loan from State Bank. 9. Paid $4,500 cash for utilities expense. 10. Paid a cash dividend of $1,300 to the stockholders. Required: a. Indicate how each of the events would be classified on the statement of cash flows as operating activities (OA), investing activities (IA), financing activities (FA), or not applicable (NA). b. Prepare a statement of cash flows. Assume All-Star Automotive had a beginning cash balance of $9,300. Note: Amounts to be deducted should be indicated with a minus sign. Dakota Company experienced the following events during Year 2 . 1. Acquired $20,000 cash from the issue of common stock. 2. Paid $22,500 cash to purchase land. 3. Borrowed $8,000 cash. 4. Provided services for $30,000cash. 5. Paid $2,000 cash for utilities expense: 6. Paid $20,000 cash for other operating expenses. 7. Paid a $1,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $25,000. Required: o. The January 1, Year 2, account balances are shown in the following accounting equation. Record the eight events in the appropriate accounts under an accounting equation. Record the amounts of revenue, expense, and dividends in the Retained Eamings 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 Year 2 accounting period. b-2. Prepare a statement of changes in equity for the Year 2 accounting period. b-3. Prepare a year-end balance sheet for the Year 2 accounting period. b-4. Prepare a statement of cash flows for the Year 2 accounting period. c-1. Determine the percentage of assets that were provided by retained earnings. c-2. Does the retained eaming balance reflect the amount of cash that the company has available to pay dividends? d. Based on the December 31, Year 2, balance sheet, what is the largest cash dividend Dakota could pay? The lanuary 1, Year 2 , account balances are shown in the following accounting equation. Record the eight events in the appropriate accounts under an accounting equation. Record the amounts iof revenue, expense; and dividends in the Plotained Earnings column. Prowlde the appropriate titles for these accounte in the last column of the table. The first event ld stiswn as an example. Note: Enter any Dheresisea to account balances with a minus sign, Not all cesls requice ioput. Prepare an income statement for the Year 2 accounting period. Prepare a statement of changes in equity for the Year 2 accounting period. Prepare a year-end balance sheet for the Year 2 accounting period. Prepare a statement of cash flows for the Year 2 accounting period. Note: Amounts to ha deductad should ha indicatod with - minu.un aia. c-1. Determine the percentage of assets that were provided by retained earnings. Note: Round your answer to 1 decimal place (i.e., 0.234 should be entered as 23.4). c-2. Does the retained earning balance reflect the amount of cash that the company has available to pay dividends? d. Based on the December 31 , Year 2 , balance sheet, what is the largest cash dividend Dakota could pay? This chapier introduced the accounting equation as a mathematical formula. (e g. Assets = Liabilities + Stockholders' Equity). The information contained in the accounting equation can also be shown in the form of a data visualization aid in interpreting the equation. Accounting equations fot three ice cream chains, Brewster, Dyno, and Mabel, have been presented below. A Tableau visualization of each company's accounting equation is presented using a bar chart. Use the Tableau dashboard to assist you in answering the questions. 1. How much are total liabilities for Dyno Company? 2. If you were ranking these companies in terms of size, which would you consider to be the smallest? 3. Which company is primarily financed by creditors as opposed to investors? 4. Which company potentially has an accounting error based on the results displayed in the bar chart? 5. What is the amount of the accounting error assuming that assets are fairly stated? Complete this question by entering your answers in the tabs below. How much are total liabilities for Dyno Company? $120,000 If you were ranking these companies in terms of size, which would you consider to be the smallest? Brewster Which company is primarily financed by creditors as opposed to investors? Which company potentially has an accounting error based on the results displayed in the bar chart? Brewster What is the amount of the accounting error assuming that assets are fairly stated? \begin{tabular}{|l|} \hline$25,000 \\ \hline$30,000 \\ \hline$15,000 \\ \hline$10,000 \\ \hline \end{tabular}