Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued 51,100 worth of common stock (2) earned cash revenues of $31,000, (3) paid cash expenses of $14,000, and (4) paid a $2,300 cash dividend to its stockholders. These were the only events that affected the company during Year 1. Required a. Record the effects of each accounting event under the appropriate general ledger account headings. b. Prepare an income statement, statement of changes in stockholders' equity, and a balance sheet dated December 31, Year 1, for Majka Company. Complete this question by entering your answers in the tabs below. Required B Stmt of Changes Prepare a balance sheet dated December 31, Year 1, for Majka Company. Required A Assets Required B Inc Stmt Total assets Liabilities Stockholders' equity Required B Bal Sheet MAJKA COMPANY Balance Sheet As of December 31, Year 1 Total stockholders' equity Total liabilities and stockholders' equity $ $ 0 0 0

Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued 51,100 worth of common stock (2) earned cash revenues of $31,000, (3) paid cash expenses of $14,000, and (4) paid a $2,300 cash dividend to its stockholders. These were the only events that affected the company during Year 1. Required a. Record the effects of each accounting event under the appropriate general ledger account headings. b. Prepare an income statement, statement of changes in stockholders' equity, and a balance sheet dated December 31, Year 1, for Majka Company. Complete this question by entering your answers in the tabs below. Required B Stmt of Changes Prepare a balance sheet dated December 31, Year 1, for Majka Company. Required A Assets Required B Inc Stmt Total assets Liabilities Stockholders' equity Required B Bal Sheet MAJKA COMPANY Balance Sheet As of December 31, Year 1 Total stockholders' equity Total liabilities and stockholders' equity $ $ 0 0 0

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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On January 1, Year 2, the following information was drawn from the accounting records of Carter Company: cash of $475; land of $2,625; notes payable of $775; and common stock of $1,705. Required a. Determine the amount of retained earnings as of January 1, Year 2. b. After looking at the amount of retained earnings, the chief executive officer (CEO) wants to pay a $575 cash dividend to the stockholders. Can the company pay this dividend? c. As of January 1, Year 2, what percentage of the assets were acquired from creditors? d. As of January 1, Year 2, what percentage of the assets were acquired from investors? e. As of January 1, Year 2, what percentage of the assets were acquired from retained earnings? f. Create an accounting equation using percentages instead of dollar amounts on the right side of the equation. g. During Year 2, Carter Company earned cash revenue of $720, paid cash expenses of $410, and paid a cash dividend of $61. (Hint. It is helpful to record these events under…
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Subject: accounting
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