Belter Corp completed the folowing transactions during Year2 SPurchased land for $5,000 cash 2. Acqutred S25,000 cash from the tssue of common stock Pecotved S75,000 cash for providing services to customers 4. Paid cash operating expenses of $42,000. S. Borrowed $0,000 cash from the bank 6. Patd a $5,000 cash diMidend to the stockholders Z. Determined that the market value of the land purchased in event 1s$35,000. Required Record the transactions in the accounting equation for Year 2 Record the amounts of revenue, expense, and đivMdends In the Retained Earnings column. Provide the appropriate ttles for these accounts In the last column of the table. b. As of December 31, Year 2, determine the total amount of assets, llabilities, and stockholders' equity and present this Information in the form of an accounting equation. C What is the amount of total assets, labilities, and stockholders equity as of January 1, Year 3? Complete this question by entering your answers in the tabs below. Reg A Reg B and C Record the transactions in the accounting equation for Year 2. 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. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank. Not all cells require input.) BETTER CORPORATION Accounting Equation for Year 2 Event Assets Liabilities Stockholders' Equity %3D Accounts Titles for Retained Earnings Notes Common Retained Cash ·] Land +] Payable Stock Earnings Balance 1/1/Year 2 10,000+ 12.000+ 7,000- 20,000 5.000- 11.000 1. 2. 3. %3D 4. TO 5. 7. Tetals 25.000 Req Band C>
Belter Corp completed the folowing transactions during Year2 SPurchased land for $5,000 cash 2. Acqutred S25,000 cash from the tssue of common stock Pecotved S75,000 cash for providing services to customers 4. Paid cash operating expenses of $42,000. S. Borrowed $0,000 cash from the bank 6. Patd a $5,000 cash diMidend to the stockholders Z. Determined that the market value of the land purchased in event 1s$35,000. Required Record the transactions in the accounting equation for Year 2 Record the amounts of revenue, expense, and đivMdends In the Retained Earnings column. Provide the appropriate ttles for these accounts In the last column of the table. b. As of December 31, Year 2, determine the total amount of assets, llabilities, and stockholders' equity and present this Information in the form of an accounting equation. C What is the amount of total assets, labilities, and stockholders equity as of January 1, Year 3? Complete this question by entering your answers in the tabs below. Reg A Reg B and C Record the transactions in the accounting equation for Year 2. 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. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank. Not all cells require input.) BETTER CORPORATION Accounting Equation for Year 2 Event Assets Liabilities Stockholders' Equity %3D Accounts Titles for Retained Earnings Notes Common Retained Cash ·] Land +] Payable Stock Earnings Balance 1/1/Year 2 10,000+ 12.000+ 7,000- 20,000 5.000- 11.000 1. 2. 3. %3D 4. TO 5. 7. Tetals 25.000 Req Band C>
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Beller Corp. completed the following transactions during Year 2
1 Purchased land for $5,000 cash
2. Acqutred $25,000 cash from the issue of common stock
3. Received S75,000 cash for providing services to customers.
4. Paid cash operating expenses of $42,000.
5. Borrowed $10,000 cash from the bank
6. Pald a $5,000 cash diMidend to the stockholders.
7. Determined that the market value of the land purchased In event1 Is $35,000.
Required
a. Record the transactions In the accounting equation for Year 2 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.
b. As of December 31, Year 2, determine the total amount of assets, llabiltities, and stockholders' equity and present this Information in
the form of an accounting equation.
c. What Is the amount of total assets, llabilitles, and stockholders' equity as of January 1. Year 3?
Complete this question by entering your answers in the tabs below.
Req A
Req B and C
Record the transactions in the accounting equation for Year 2. 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. (Enter any decreases to account balances with a minus sign. If there is no
effect on the Accounts Titles for Retained Earnings, leave the cell blank. Not all cells require input.)
BETTER CORPORATION
Accounting Equation for Year 2
Event
Assets
Liabilities
Stockholders Equity
Common
Stock
Retained
Earnings
Accounts Titles for
Retained Earnings
Notes
Cash
Land
Payable
Balance 1/1/Year 2
10,000
20,000
12,000
7.000 +
11,000
5.000
2.
3.
7.
Tatals
25.000
Req B and C>
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