Leonard Enterprises experienced the following events during Year 2: 1. Acquired $25,000 cash from the issue...

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Leonard Enterprises experienced the following events during Year 2: 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $25,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $36,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $28,000 cash for other operating expenses. 7. Paid a $3,875 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, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earni column. Provide the appropriate titles for these accounts in the last column of the table. 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. Complete this question by entering your answers in the tabs below. Req A Req B2 The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in the ap ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles the last column of the table. (Enter any decreases to account balances with a minus sign.) Req B1 Req B3 LEONARD ENTERPRISES Accountis a 2,0 Cas to the stockTVIETS. 8. Determined that the market value of the land purchased in Event 2 is now $27,500. 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 appropriate titles for these accounts in the last column of the table. 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. Complete this question by entering your answers in the tabs below. Req A The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in the appropriate gene ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these acco the last column of the table. (Enter any decreases to account balances with a minus sign.) Event Beginning balance 1. 2 3. 4. 5. 6. Req B1 Cash Req B2 Assets 5,500+ Land Req B3 LEONARD ENTERPRISES Accounting Equation for Year 2 Liabilities ♦ Notes Payable 20,000 0. + + + < Prev Stockholders' Equity Common Stock 10,000+ 9 of 15 + Retained Earnings 15,500 Next Account Titles for Retained Earnings 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. Complete this question by entering your answers in the tabs below. Req A Prepare an income statement for the Year 2 accounting period. LEONARD ENTERPRISES Income Statement For the Year Ended December 31, Year 2 Req B1 Req B2 Req B3 < Req A Req 82 > Complete this question by entering your answers in the tabs below. Req A Req B1 Beginning common stock Prepare a statement of changes in equity for the Year 2 accounting period. LEONARD ENTERPRISES Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Ending common stock Beginning retained earnings Req B2 Ending retained earnings Total stockholders' equity Req B3 < Req 81 Req B3 > Complete this question by entering your answers in the tabs below. Req A Assets Req B1 Total assets Liabilities Prepare a year-end balance sheet for the Year 2 accounting period. Req B2 Total liabilities Stockholders' Equity Req B3 LEONARD ENTERPRISES Balance Sheet As of December 31, Year 2 Total stockholders' equity Total liabilities and stockholders' equity Roq 82 Reg 03 Leonard Enterprises experienced the following events during Year 2: 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $25,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $36,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $28,000 cash for other operating expenses. 7. Paid a $3,875 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, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earni column. Provide the appropriate titles for these accounts in the last column of the table. 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. Complete this question by entering your answers in the tabs below. Req A Req B2 The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in the ap ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles the last column of the table. (Enter any decreases to account balances with a minus sign.) Req B1 Req B3 LEONARD ENTERPRISES Accountis a 2,0 Cas to the stockTVIETS. 8. Determined that the market value of the land purchased in Event 2 is now $27,500. 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 appropriate titles for these accounts in the last column of the table. 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. Complete this question by entering your answers in the tabs below. Req A The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in the appropriate gene ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these acco the last column of the table. (Enter any decreases to account balances with a minus sign.) Event Beginning balance 1. 2 3. 4. 5. 6. Req B1 Cash Req B2 Assets 5,500+ Land Req B3 LEONARD ENTERPRISES Accounting Equation for Year 2 Liabilities ♦ Notes Payable 20,000 0. + + + < Prev Stockholders' Equity Common Stock 10,000+ 9 of 15 + Retained Earnings 15,500 Next Account Titles for Retained Earnings 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. Complete this question by entering your answers in the tabs below. Req A Prepare an income statement for the Year 2 accounting period. LEONARD ENTERPRISES Income Statement For the Year Ended December 31, Year 2 Req B1 Req B2 Req B3 < Req A Req 82 > Complete this question by entering your answers in the tabs below. Req A Req B1 Beginning common stock Prepare a statement of changes in equity for the Year 2 accounting period. LEONARD ENTERPRISES Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Ending common stock Beginning retained earnings Req B2 Ending retained earnings Total stockholders' equity Req B3 < Req 81 Req B3 > Complete this question by entering your answers in the tabs below. Req A Assets Req B1 Total assets Liabilities Prepare a year-end balance sheet for the Year 2 accounting period. Req B2 Total liabilities Stockholders' Equity Req B3 LEONARD ENTERPRISES Balance Sheet As of December 31, Year 2 Total stockholders' equity Total liabilities and stockholders' equity Roq 82 Reg 03

Answer rating: 100% (QA)

a The January 1 Year 2 general ledger account balances are Cash 5500 Assets 0 Land 0 Liabilities 0 N... View the full answer