Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues of $33,400, (2) paid cash expenses of $14,800, and were the only events that affected the company during Year 1. paid a $3,100 cash dividend to its stockholders. These 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 Requised B Bal sheet Required A Changes Prepare a balance sheet dated December 31, Year 1, for Majka Company. MAJKA COMPANY Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Stockholders' equity 15,500 15,500 Total stockholders' equity Total liabilities and stockholders' equity < Required B Stmt of Changes

Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues of $33,400, (2) paid cash expenses of $14,800, and were the only events that affected the company during Year 1. paid a $3,100 cash dividend to its stockholders. These 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 Requised B Bal sheet Required A Changes Prepare a balance sheet dated December 31, Year 1, for Majka Company. MAJKA COMPANY Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Stockholders' equity 15,500 15,500 Total stockholders' equity Total liabilities and stockholders' equity < Required B Stmt of Changes

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 12PA: You are the accountant for Kamal Fabricating, Inc. and you oversee the preparation of financial...

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Concept explainers

Corporate Ethics

Ethics refers to the moral values and principles that guide an individual. Corporate ethics refers to the moral behavior of a company and its employees while conducting business. Business ethics is another name for corporate ethics. Business ethics reflects the purpose of doing the business. Business ethics is the distinction between what is right and wrong in the workplace and the selection of the right set of actions. Every corporate entity follows business ethics to a large extent in order to survive and compete successfully in the market. Corporate entities that strictly adhere to business ethics gain the trust of their stakeholders and thus gain more customers. An organization follows compliance, i.e., following certain business policies, rules, procedures, and practices to deal with the problem arising from the business environment. Business ethics also ensures that they meet compliance requirements as it was connected with the activities of an organization.

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Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1)
earned cash revenues of $33,400, (2) paid cash expenses of $14,800, and (3) paid a $3,100 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 Requised B Bal
Changes
Required A
sheet
nces
Prepare a balance sheet dated December 31, Year 1, for Majka Company.
MAJKA COMPANY
Balance Sheet
As of December 31, Year 1
Assets
Total assets
Liabilities
Stockholders' equity
15,500
15,500
Total stockholders' equity
Total llabilities and stockholders' equity
< Required B Stmt of Changes
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