Dakota Company experienced the following events during Year 2: Acquired $40,000 cash from the issue of common stock. Paid $20,000 cash to purchase land. Borrowed $20,000 cash. Provided services for $60,000 cash. Paid $11, 500 cash for utilities expense. Paid $45,000 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 $22,500. Prepare a year-end balance sheet for the Year 2 accounting period.

Dakota Company experienced the following events during Year 2: Acquired $40,000 cash from the issue of common stock. Paid $20,000 cash to purchase land. Borrowed $20,000 cash. Provided services for $60,000 cash. Paid $11, 500 cash for utilities expense. Paid $45,000 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 $22,500. Prepare a year-end balance sheet for the Year 2 accounting period.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Subject: acounting
12) JAE Corp.'s transactions for the year ended December 31, 20X8 included the following: Purchased real estate for $1,250,000 cash. Sold available-for-sale securities for $1,000,000. Paid dividends of $1,200,000. Issued 500 shares of common stock for $500,000. Purchased machinery and equipment for $250,000 cash. Received a $250,000 cash dividend from an equity investment. Paid $900,000 toward a bank loan. Reduced accounts receivable by $200,000. Increased accounts payable $400,000. JAE Corp's net cash used in INVESTING activities for 20X8 was: a) $250,000. b) $500,000. c) $750,000. d) $1,500,000.
Starlight Co. provided the following information on selected transactions during 20X1: Purchase of land $600,000 Proceeds from issuing bonds 2,000,000 Purchase of inventory 1,800,000 Purchase of treasury stock 400,000 Dividends paid to shareholders 300,000 Proceeds from issuing preferred stock 500,000 Proceeds from sale of equipment 400,000 The net cash provided (used) by investing activities during 20X1 is Question 10 options: $(200,000). $1,300,000. $(700,000). $0.
i
Assume the following: Lomo Engineering Company had the following transactions: Jan-01 Issued capital stock for $965,000. Jan-01 Purchased a Packaging Equipment for $20,000. Jan-01 Purchased an Insurance Policy (1 year) for $30,000. Jan-03 Purchased a Machine, paying $15,000 in cash and issuing a note of $20,000. Jan-05 Purchased $28,000 of inventory on account. Jan-07 Sold inventory costing $6,000 for $50,000 on account. Jan-11 Paid $2,000 for inventory purchased on account (from Jan-05). Jan-15 Collect $12,550 of accounts receivable from customers (from Jan-07). Jan-17 Paid utility bills totaling $1,500. Jan-23 Paid wages for $13,000. Jan-25 Collect $8,000 in bank interest. Jan-30 Paid $12,590 due to income taxes. Required: Record the above transactions in General Journal (Journal Entries). Record the transactions in General Ledger format (T-Accounts). Prepare a…
A company rejected an offer to purchase a land for $8,000,000 cash two year ago. Instead, the company issued 100,000 ordinary shares for the land (market value of the ordinary share, $78 each based on several recent large transactions and normal weekly stock trading volume). How much is the cost of land acquired?
6. Using the information in #5 above, what are the first two years of depreciation using double declining depreciation? 7. Write the entry if a company issues 50,000 shares of its $1 par value common stock for $45 per share. 8. A company buys 20,000 shares of its own stock for $35 per share. Write the entry to record this transaction. 9. The company in #8 above decides to sell all of the shares it purchased (20,000). They sell the shares for $42 per share. Write the entry to record this transaction. 10. A company declares a 10% stock dividend when its $1 par value common shares are selling for $62 per share. The company has 400 million authorized shares; 1,456,000 issued shares; and 1,200,000 outstanding shares. Write the entry to record the stock dividend. 11. A company issues 10,000 shares of its 5% $20 callable preferred stock for $58 per share. Write the entry to record this transaction.
25. Help me selecting the right answer. Thank you
1
i.3