Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued50,600 worth of common stock (2) earned cash revenues of $33,700, (3) paid cash expenses of $14,900, and (4) paid a $3,200 cashdividend to its stockholders. These were the only events that affected the company during Year 1.Requireda. 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, forMajka Company.Complete this question by entering your answers in the tabs below.Required B IncStmtRequired BStmt ofRequired B BalSheetRequired AChangesRecord the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases toaccount balances with a minus sign.)МАЈКА СОМPANYAccounting Equation for Year 1AssetsLiabilitiesStockholders' EquityEventCommonRetainedCash+%3DStockEarnings1.%3D2.3.+4.%3DEnding balance< Required ARequired B Inc Stmt >| +| +| ++

As per Accounting Equation:Assets =Liabilities +Owner's Equity

Answered: Majka Company was started on January 1,…

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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For Year 1, the Sacramento Corporation had beginning and ending Retained Earnings balances of $157,900 and $210,400 respectively. Also during Year 1, the corporation declared and paid cash dividends of $24,800 and issued stock dividends valued at $15,000. Total expenses were $40,416. Based on this information, what was the amount of total revenue for Year 1? Multiple Choice $145,184 $117,716 $132,716 $133,100
As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $908,611 and liabilities of $274,782. During Year 2, stockholders invested an additional $28,983 and received $25,270 in dividends from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $981,663 and liabilities were $238,074? a.$73,052 b.$25,270 c.$106,047 d.$36,708.
Blossom Company began the year with stockholders' equity of $107700. During the year, Blossom issued stock for $ 147800, recorded expenses of $412000, and paid dividends of $27800. If Blossom's ending stockholders' equity was $290300, what was the company revenue for the year? $594600. $446800. $ 474600. $622400.
How would I prepare the balance sheet?
Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued 52,100 worth of common stock (2) earned cash revenues of $29,800, (3) paid cash expenses of $13,600, and (4) paid a $1,900 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.
The following are account balances for M-E Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; equipment, $60,000; accounts payable, $20,000; salaries payable, $12,000; retained earnings, $9,000; and common stock, $50,000. Prepare a preliminary balance sheet. Total assets Total liabilities M-E CORPORATION Preliminary Balance Sheet At December 31, 2024 Assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ 0 0 0 0
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On December 31, 2019, VENUS Company had 450,000 shares of ordinary shares outstanding. On September 1, 2020, an additional 150,000 shares of ordinary shares were issued. In addition, VENUS Company had P 10,000,000 of 6% convertible bonds outstanding at December 31, 2019 which are convertible into 300,000 shares of ordinary shares. The carrying value of the bonds as of December 31,2019 and based on a rate of 8% is P 9,205,800. No bonds were converted into ordinary shares in 2020. The net income for the year ended December 31, 2020 was P3,750,000.Using 30% income tax rate, how much should be the diluted EPS to be presented by VENUS Company for the year ended December 31, 2020? (use 2 decimal places)
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…
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…
The right side of the balance sheet shows the firm’s liabilities and stockholders’ equity. Which of the following best describes shareholders’ equity? Equity is the difference between the company’s assets and retained earnings. Equity is the sum of shareholders’ capital provided by shareholders and retained earnings. NOW Inc. released its annual results and financial statements. Grace is reading the summary in the business pages of today’s paper. In its annual report this year, NOW Inc. reported a net income of $192 million. Last year, the company reported a retained earnings balance of $442 million, whereas this year it increased to $520 million. How much was paid out in dividends this year? $3 million $114 million $270 million $575 million
On November 1 of the current year, Rob Elliot invested $30,500.00 of his cash to form a corporation, GGE Enterprises Inc., in exchange for shares of common stock. No other common stock was issued during November or December. After a very successful first month of operations, the retained earnings as of November 30 were reported at $5,000.00. After all transactions have been entered into the accounting equation for the month of December, the ending balances for selected items on December 31 follow. On that date, the financial statements were prepared. The balance sheet reported total assets of $54,400.00 and total stockholders' equity of $38,955.00. 6. What is the amount of profit or loss during December? 7. What were the total expenses for December? 8. How much was paid for rent?

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