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entering your answers in the tabs below. eBook Req A Reg B1 Req B2 Reg B3 Reg B4 Re Prepare an income statement for the 2018 accounting period. Hint DAKOTA COPANY Income Statement Print For the Year Ended December 31, 2018 References Req A Req B2

entering your answers in the tabs below. eBook Req A Reg B1 Req B2 Reg B3 Reg B4 Re Prepare an income statement for the 2018 accounting period. Hint DAKOTA COPANY Income Statement Print For the Year Ended December 31, 2018 References Req A Req B2

FINANCIAL ACCOUNTING
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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points Complete this question by entering your answers in the tabs below. eBook Req A Reg B1 Req B2 Req B3 Reg B4 Re Prepare an income statement for the 2018 accounting period. Hint DAKOTA CORPANY Income Statement Print For the Year Ended December 31, 2018 References < Reg A Req B2 > Mc Graw
Transcribed Image Text:points Complete this question by entering your answers in the tabs below. eBook Req A Reg B1 Req B2 Req B3 Reg B4 Re Prepare an income statement for the 2018 accounting period. Hint DAKOTA CORPANY Income Statement Print For the Year Ended December 31, 2018 References < Reg A Req B2 > Mc Graw
Check my work Dakota Company experienced the following events during 2018: 1. Acquired $15,000 cash from the issue of common stock. 2. Paid $25,000 cash to purchase land. 3. Borrowed $5,000 cash. 4. Provided services for $50,000 cash. 5. Paid $2,000 cash for utillties expense. 6. Paid $37,500 cash for other operating expenses. 7. Paid a $2,500 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $29,000. 3.75 points eBook Hint Required a. The January 1, 2018, 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 2018 accounting period. b-2. Prepare a statement of changes in equity for the 2018 accounting period. b-3. Prepare a year-end balance sheet for the 2018 accounting period. b-4. Prepare a statement of cash flows for the 2018 accounting period. c. Determine the percentage of assets that were provided by retained earnings. Can you determine the cash in retained earnings? Print Pelerences Complete this question by entering your answers in the tabs below. Reg A Req B1 Req B2 Reg B3 Reg B4 Req C Prepare an income statement for the 2018 accounting period. DAKOTA COMPANY Income Statement Mc Graw Hill ( Prev 5 of 8 Next >
Transcribed Image Text:Check my work Dakota Company experienced the following events during 2018: 1. Acquired $15,000 cash from the issue of common stock. 2. Paid $25,000 cash to purchase land. 3. Borrowed $5,000 cash. 4. Provided services for $50,000 cash. 5. Paid $2,000 cash for utillties expense. 6. Paid $37,500 cash for other operating expenses. 7. Paid a $2,500 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $29,000. 3.75 points eBook Hint Required a. The January 1, 2018, 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 2018 accounting period. b-2. Prepare a statement of changes in equity for the 2018 accounting period. b-3. Prepare a year-end balance sheet for the 2018 accounting period. b-4. Prepare a statement of cash flows for the 2018 accounting period. c. Determine the percentage of assets that were provided by retained earnings. Can you determine the cash in retained earnings? Print Pelerences Complete this question by entering your answers in the tabs below. Reg A Req B1 Req B2 Reg B3 Reg B4 Req C Prepare an income statement for the 2018 accounting period. DAKOTA COMPANY Income Statement Mc Graw Hill ( Prev 5 of 8 Next >
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