Mark’s Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash.

1. 1. Acquired an additional $24,000 from the issue of common stock 
2. 2. Received $95,000 for providing services in Year 2 
3. 3. Paid $15,000 to reduce notes payable . 
4. 4. Paid expenses amounting to $71,500. 
5. 5. Paid a $3,000 dividend to the stockholders 
6. 6. Determined that the market value of the land is $47,000. 
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8. Required 
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10. a. Record the effects of each accounting event under the appropriate headings for each year Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide appropriate titles for these accounts in the last column of the table. 
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12. b-1. Prepare an income statement for each year accounting period. 
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14. b-2. Prepare a statement of changes in stockholders equity for each year accounting period 
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16. b-3. Prepare a year-end balance sheet for each year accounting period 
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18. b-4. Prepare a statement of cash flows for each year accounting period Determine the amount of cash in the retained earnings account at the end of Year 1 and Year 2 
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20. c. Determine the balance in the Retained Earnings account immediately after Event 2 in Year 1 and in Year 2 are recorded.

Answer rating: 100% (QA)

a The effects of each accounting event under the appropriate headings for each year are as follows Year 1 1 Acquired an additional 24000 from the issu... View the full answer