Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued 50,600 worth of common stock (2) earned cash revenues of $33,700, (3) paid cash expenses of $14,900, and (4) paid a $3,200 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 A Required B Inc Stmt Required B Stmt of Required B Bal Sheet Changes Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign.) MAJKA COMPANY Accounting Equation for Year 1 Assets Liabilities Stockholders' Equity %3D Event Common Stock Retained Cash + %3D Earnings 1. %3D 2. %3D + 3. + %3D 4. %3D Ending balance
Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued 50,600 worth of common stock (2) earned cash revenues of $33,700, (3) paid cash expenses of $14,900, and (4) paid a $3,200 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 A Required B Inc Stmt Required B Stmt of Required B Bal Sheet Changes Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign.) MAJKA COMPANY Accounting Equation for Year 1 Assets Liabilities Stockholders' Equity %3D Event Common Stock Retained Cash + %3D Earnings 1. %3D 2. %3D + 3. + %3D 4. %3D Ending balance
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings
Section: Chapter Questions
Problem 2CE
Related questions
Question
![Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued
50,600 worth of common stock (2) earned cash revenues of $33,700, (3) paid cash expenses of $14,900, and (4) paid a $3,200 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 Inc
Stmt
Required B
Stmt of
Required B Bal
Sheet
Required A
Changes
Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to
account balances with a minus sign.)
МАЈКА СОМPANY
Accounting Equation for Year 1
Assets
Liabilities
Stockholders' Equity
Event
Common
Retained
Cash
+
%3D
Stock
Earnings
1.
%3D
2.
3.
+
4.
%3D
Ending balance
< Required A
Required B Inc Stmt >
| +| +| +
+](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb034729f-db63-4235-9b33-79c3c77be50a%2Fc2dabc25-4c73-4d65-a98e-5c489e54d9b3%2Fi64d93r_processed.png&w=3840&q=75)
Transcribed Image Text:Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued
50,600 worth of common stock (2) earned cash revenues of $33,700, (3) paid cash expenses of $14,900, and (4) paid a $3,200 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 Inc
Stmt
Required B
Stmt of
Required B Bal
Sheet
Required A
Changes
Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to
account balances with a minus sign.)
МАЈКА СОМPANY
Accounting Equation for Year 1
Assets
Liabilities
Stockholders' Equity
Event
Common
Retained
Cash
+
%3D
Stock
Earnings
1.
%3D
2.
3.
+
4.
%3D
Ending balance
< Required A
Required B Inc Stmt >
| +| +| +
+
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