Dakota Company experienced the following events during Year 2 1. Acquired $30,000 cash from the issue of common stock. 2. Paid $12,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $20,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $15,000 cash for other operating expenses. 7. Paid a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Eve Required a. The January 1, Year 2, general ledger account balances are she the appropriate general ledger accounts, Record the amounts of Provide the appropriate titles for these accounts in the last colum b-1. Prepare an income statement for the Year 2 accounting peric b-2. Prepare a statement of changes in equity for the Year 2 accc b-3. Prepare a year-end balance sheet for the Year 2 accounting b-4. Prepare a statement of cash flows for the Year 2 accounting c-1. Dețermine the percentage of assets that were provided by re c-2. Can you determine the cash in retained earnings? Complete this question by entering your answers in the tab

Dakota Company experienced the following events during Year 2 1. Acquired $30,000 cash from the issue of common stock. 2. Paid $12,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $20,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $15,000 cash for other operating expenses. 7. Paid a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Eve Required a. The January 1, Year 2, general ledger account balances are she the appropriate general ledger accounts, Record the amounts of Provide the appropriate titles for these accounts in the last colum b-1. Prepare an income statement for the Year 2 accounting peric b-2. Prepare a statement of changes in equity for the Year 2 accc b-3. Prepare a year-end balance sheet for the Year 2 accounting b-4. Prepare a statement of cash flows for the Year 2 accounting c-1. Dețermine the percentage of assets that were provided by re c-2. Can you determine the cash in retained earnings? Complete this question by entering your answers in the tab

Name: vork: Assignment 2 1b-3. Prepare a year-end balance sheet for the Yea
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Description: vork: Assignment 2 1b-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 earningc-2. Can

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Dakota Company experienced the following events during Year 2: Acquired $30,000 cash from the issue of common stock. Paid $10,000 cash to purchase land. Borrowed $10,000 cash. Provided services for $50,000 cash. Paid $1,500 cash for utilities expense. Paid $35,000 cash for other operating expenses. Paid a $3,250 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 appropriate titles for these accounts in the last column of the table. The first event is shown as an example. 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.…
At the beginning of the year, Vendors, Inc., had owners' equity of $50,825. During the year, net income was $7,025 and the company paid dividends of $4,725. The company also repurchased $9,075 in equity. What was the cash flow to stockholders for the year? Multiple Choice -$4,350 -$13,800 $13,800 $4,350 $11,375
Better Corporation completed the following transactions during Year 2: Purchased land for $5,000 cash. Acquired $25,000 cash from the issue of common stock. Received $75,000 cash for providing services to customers. Paid cash operating expenses of $42,000. Borrowed $10,000 cash from the bank. Paid a $5,000 cash dividend to the stockholders. Determined that the market value of the land purchased in event 1 is $35,000. 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?
Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $25,000. 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7. Paid $10,000 cash to reduce the principal balance of the bank note. 8. Paid $53,000 cash to purchase land. 9. Determined that the market value of the land is $75,000. What is the balance in the Retained Earnings account immediately after Event 3 is recorded?
Zahid's cafe net income of $1280. During the year the company sold $50 worth of common stock and paid dividends of 40$. What is the amount of cash flow to stockholders?
Bad Brad's BBQ had cash flows for the year as follows ($ in millions): CASH RECEIVED FROM: Customers $ 2,700 Interest on investments 270 Sale of land 120 Sale of common stock 620 Issuance of debt securities 2,100 CASH PAID FOR: Interest on debt $ 290 Income tax 110 Debt principal reduction 1,500 Purchase of equipment 4,500 Purchase of inventory 1,100 Dividends on common stock 290 Operating expenses 500 Bad Brad's would report net cash inflows (outflows) from financing activities in the amount of: Multiple Choice $380. $1,050. Incorrect $930. $(1,050).
Dakota Company experienced the following events during Year 2: 1. Acquired $15,000 cash from the issue of common stock. 2. Paid $15,000 cash to purchase land. 3. Borrowed $5,000 cash. 4. Provided services for $55,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $45,000 cash for other operating expenses. 7. Paid a $1,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $16,000. 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. The first event is shown as an example. 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.…
Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: Acquired $32,000 cash from the issue of common stock. Borrowed $38,000 cash from National Bank. Earned cash revenues of $50,000 for performing services. Paid cash expenses of $46,000. Paid a $1,200 cash dividend to the stockholders. Acquired an additional $22,000 cash from the issue of common stock. Paid $10,000 cash to reduce the principal balance of the bank note. Paid $55,000 cash to purchase land. Determined that the market value of the land is $77,000. F. Determine the percentage of assets that were provided by investors, creditors, and earnings.
A company had the following cash flows for the year: (a) Purchased inventory, $60,000 (b) Sold goods to customers, $90,000 (c) Received loan from a local bank, $150,000 (d) Purchased land, $180,000 (e) Purchased treasury stock, $40,000 (f) Paid dividends, $10,000 (g) Sold delivery truck, $30,000 What amount would be reported for net investing cash flows on the Statement of Cash Flows (for a negative number put a minus in front of the number)?
Cash dividends of $80,000 were declared during the year. Cash dividends payable were $25,000 at the beginning of the year and $20,000 at the end of the year. The amount of cash for the payment of dividends during the year is A.$80,000 B.$75,000 C.$85,000 D.$60,000 Land costing $75,000 was sold for $60,000 cash. The loss on the sale was reported on the income statement as other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land? A.$75,000 B.$60,000 C.$80,000 D.$15,000 The recording of the jobs completed would include a debit to a.Finished Goods b.Cost of Goods Sold c.Factory Overhead d.Work in Process
A company reported the following transactions during the year: o Issued bonds worth $100,000 o Paid $20,000 in interest o Purchased a building for $150,000 o Received dividends of $5,000 o Sold equipment for $25,000 Classify these transactions into operating, investing, and financing activities.