Dakota Company experienced the following events during Year 2. 1. Acquired $20,000 cash from the issue of common stock. 2. Paid $25,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $50,000 cash. 5. Paid $1,500 cash for utilities expense. 6. Paid $35,500 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $28,000. 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. 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 earnings. c-2. Can you determine the cash in retained earnings? Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Req C1 Req C2 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. (Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells require input.) ...................E :Chow lase 4: < Prev 4 of 6 Next >
Dakota Company experienced the following events during Year 2. 1. Acquired $20,000 cash from the issue of common stock. 2. Paid $25,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $50,000 cash. 5. Paid $1,500 cash for utilities expense. 6. Paid $35,500 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $28,000. 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. 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 earnings. c-2. Can you determine the cash in retained earnings? Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Req C1 Req C2 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. (Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells require input.) ...................E :Chow lase 4: < Prev 4 of 6 Next >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question

Transcribed Image Text:Dakota Company experienced the following events during Year 2.
1. Acquired $20,000 cash from the issue of common stock.
2. Paid $25,000 cash to purchase land.
3. Borrowed $10,000 cash.
4. Provided services for $50,000 cash.
5. Paid $1,500 cash for utilities expense.
6. Paid $35,500 cash for other operating expenses.
7. Paid a $5,000 cash dividend to the stockholders.
8. Determined that the market value of the land purchased in Event 2 is now $28,000.
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. 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 earnings.
c-2. Can you determine the cash in retained earnings?
Complete this question by entering your answers in the tabs below.
Reg A
Req B1
Req B2
Req B3
Req B4
Req C1
Req C2
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. (Enter any decreases to account balances with a minus
sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells require input.)
.......... .:
Chow leee A:
< Prev
4 of 6
Next >

Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Req A
Req B1
Req B2
Req B3
Req B4
Req C1
Reg C2
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. (Enter any decreases to account balances with a minus
sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells require input.)
............:
Show lessA:
DAKOTA COMPANY
Accounting Equation for Year 2
Assets
Liabilities
Stockholders' Equity
%3D
Account Titles for
Event
Notes
Common
Retained
Retained Earnings
Cash
Land
Payable
Stock
Earnings
Beg.
17,500 +
22,500 =
25,000 +
10,000 +
5,000
1.
20.000 +
20,000 +
%3D
2.
+.
3.
+
+
4.
%3D
5.
+
6.
+
7.
+
8.
+
+
+
Totals
37,500 +
22,500 =
25,000 +
30,000 +
5,000
KReq A
Req B1 >
< Prev
4 of 6
Next >
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 3 images

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education