Home - MyISU\ Question 4 - Chapter 1 Homework - Connect\ MHHE - Digital Products\ 1 Homework\ Help\ Save & Exit\ Submit\ Dakota Company experienced the following events during Year 2.\ Acquired

$10,000

cash from the issue of common stock.\ Paid

$10,000

cash to purchase land.\ Borrowed

$10,000

cash.\ Provided services for

$25,000

cash.\ Paid

$1,500

cash for utilities expense.\ Paid

$15,000

cash for other operating expenses.\ Paid a

$3,000

cash dividend to the stockholders.\ Determined that the market value of the land purchased in Event 2 is now

$12,500

.\ Required\ a. The January 1, Year 2, 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 approprizte titles for these accounts in the last column of the table. The first event is shown as an example.\ b-1. Prepare an incoline 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. Can you determine the cash in retained earnings?\ Complete this question by entering your answers in the tabs below.\ Req A\ Req B1\ The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in the appropria ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for the in the last column of the table. The first event is shown as an example.\ Note: Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell all cells require input.\ 4 of 9\ Next

Dakota Company experienced the following events during Year 2. 1. Acquired $10,000 cash from the issue of common stock. 2. Paid $10,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $25,000 cash. 5. Paid $1,500 cash for utilities expense. 6. Paid $15,000 cash for other operating expenses. 7. Paid a $3,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $12,500. Required a. The January 1, Year 2, 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 appropriste titles for these accounts in the last column of the table. The first event is shown as an example. b-1. Prepare an incolite 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. c1. Determine the percentage of assets that were provided by retained earnings. c-2. Can you determine the cash in retained earnings? Complete this question by entering your answers in the tabs below. The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in the appropria ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for the in the last column of the table. The first event is shown as an example. Note: Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell all cells require input