Accounting Equation Event As sets Land 21,000 Liabilities Nates Payable 12,100 Stockholders' Equity Retained Earnings 12,888 Account Reta Cash Common Stock 7, 100 Balance 01/01/Year 2 11,000 Better Corp. completed the following transactions during Year 2: 1. Purchased land for $5,500 cash. 2. Acquired $26,000 cash from the issue of common stock. 3. Received $65,000 cash for providing services to customers. 4. Paid cash operating expenses of $41,900. 5. Borrowed $11,000 cash from the bank. 6. Paid a $5,500 cash dividend to the stockholders. 7. Determined that the market value of the land purchased in event 1 is $36,000. Required a. Record the transactions in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles b. As of December 31, Year 2, determine the total amount of assets, liabilities, and stockholders' equity and present this information in the form of an accounting equation. C What is the amount of total assets, liablities, and stockholders' equity as of January 1, Year 3? these accounts in the last column of the table. Complete this question by entering your answers in the tabs below. Required A Required B Required C What is the amount of total assets, liabilities, and stockholders' equity as of January 1, Year 3? Siockholders Equity Assets Liabilitien
Accounting Equation Event As sets Land 21,000 Liabilities Nates Payable 12,100 Stockholders' Equity Retained Earnings 12,888 Account Reta Cash Common Stock 7, 100 Balance 01/01/Year 2 11,000 Better Corp. completed the following transactions during Year 2: 1. Purchased land for $5,500 cash. 2. Acquired $26,000 cash from the issue of common stock. 3. Received $65,000 cash for providing services to customers. 4. Paid cash operating expenses of $41,900. 5. Borrowed $11,000 cash from the bank. 6. Paid a $5,500 cash dividend to the stockholders. 7. Determined that the market value of the land purchased in event 1 is $36,000. Required a. Record the transactions in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles b. As of December 31, Year 2, determine the total amount of assets, liabilities, and stockholders' equity and present this information in the form of an accounting equation. C What is the amount of total assets, liablities, and stockholders' equity as of January 1, Year 3? these accounts in the last column of the table. Complete this question by entering your answers in the tabs below. Required A Required B Required C What is the amount of total assets, liabilities, and stockholders' equity as of January 1, Year 3? Siockholders Equity Assets Liabilitien
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I dont need the work just answers
Assets,liabilities and stockholders equity.
Transcribed Image Text:Liab able Common Stock
BETTER CORP.
Accounting Equation
Event
Assets
Account.
Cash
11,000
Liabilities
Nates Payable
12,100
Stockholders' Equity
Retained Earnings
12,808
Land
Retair
Common Stock
7, 108
Balance 01/01/Year 2
21,000
Better Corp. completed the foliowing transactions during Year 2:
1. Purchased land for $5,500 cash.
2. Acquired $26,000 cash from the issue of common stock.
3. Received $65,000 cash for providing services to customers.
4. Paid cash operating expenses of $41,900.
5. Borrowed $11,000 cash from the bank.
6. Paid a $5.5o0 cash dividend to the stockholders.
7. Determined that the market value of the land purchased in event 1 is $36,000.
Required
a. Record the transactions 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. As of December 31, Year 2, determine the total amount of assets, liabilities, and stockholders' equity and present this information in
the form of an accounting equation.
c What is the amount of total assets, liabilities, and stockholders' equity as of January 1, Year 3?
Complete this question by entering your answers in the tabs below.
Required A
Required B
Required C
What is the amount of total assets, liabilities, and stockholders' equity as of January 1, Year 3?
* Liabilities .
Stockholders
Equity
Assets
( Prev
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