esMijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events:1 earned cash revenues of $31,9002 paid cash expenses of $14,3003 paid a $2,600 cash dividend to its stockholdersThese 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, forMijka CompanyComplete this question by entering your answers in the tabs below.Req AReq B IncomeStatementEventReq BStatement ofChangesRecord the effects of each accounting event under the appropriate general ledger account headings.Note: Enter any decreases to account balances with a minus sign. Not all cells require input.Stock issuance1. Cash revenues2. Paid expenses3. Paid dividendEnding balanceAssetsCashMIJKA COMPANYAccounting Equation for Year1100,000100,000==Req B BalanceSheet==Liabilities< Req A0++++Stockholders' EquityCommonStock100,000100,000++++RetainedEarningsReq B Income Statement >0

Given that,cash revenues = $31,900Cash expenses = $14,300Cash dividend = $2,600

Answered: Mijka 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

See similar textbooks

Similar questions

Subject: acounting
Use the following accounts and information to prepare, in good form, an income statement, and a retained earnings statement for Clark Corporation for the month ended July 31, 2021 $ 16,000 4,400 800 $ 6,200 2,800 120,000 31,200 31,400 104,000 51,800 1,000 Dividends Insurance expense Accounts Payable Accounts receivable Supplies Notes payable Rent expense Salaries expense Buildings Cash 6,600 4,800 20,000 Revenues Common stock Retained earnings (beginning) Rent Payable Accumulated Depreciation $1,000 Prepaid Insurance $2,000
Required information [The following information applies to the questions displayed below] As of December 31 of the current year, Armani Company's records show the following. Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, December 31, prior year Retained earnings, December 31, current year Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses Total assets Assets $ 11, 200 10, 200 Required: Prepare the current year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31 7,200 6,200 13,400 15,200 4,200 Total liabilities 6,200 14,200 35,400 24,400 21,200 13, 200 9,200 Liabilities Equity Total equity Total liabilities and equity
Accounting
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'…
Required information Skip to question [The following information applies to the questions displayed below.]The CEO of Jisko requests our help in preparing year-end financial reports. The CEO explains that they are having difficulty classifying accounts. The Tableau dashboard shows December 31 year-end data from the company’s accounting
You are the accountant for Kamal Fabricating, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from the company’s general ledger and other financial reports (all balances are end-of-year except for those noted otherwise): Cash $9,000 Common stock 8,000 Accounts receivable 7,000 Accounts payable 2,000 Cash dividends declared for the year 2,000 Additional paid-in capital 6,000 Prepaid insurance 5,000 Prior period adjustment, net of income taxes (2,000) Unearned revenue 4,000 Retained earnings, beginning of the year 6,000 Net income for the year 9,000 Prepare the company’s Statement of Retained Earnings. Kamal Fabricating, Inc. Statement of Retained Earnings Year Ended June 30, 2020 $fill in the blank 2 fill in the blank 4 $fill in the blank 6 fill in the blank 8 $fill in the blank 9 fill in the blank 11 $fill in the blank 13
At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 27,800 Accounts receivable 18,400 Accounts payable 14,700 Common stock 16,900 Retained earnings 14,600 The following events apply to Oak Consulting for Year 2: Provided $72,900 of services on account. Incurred $2,900 of operating expenses on account. Collected $50,900 of accounts receivable. Paid $39,700 cash for salaries expense. Paid $15,840 cash as a partial payment on accounts payable. Paid a $9,000 cash dividend to the stockholders. c. Show the beginning balances and the transactions in a horizontal statements model.
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.
You have been hired by Number Company as a staff accountant. Your first assignment is to produce financial statements for Alphabetical Company. You must produce the income statement, statement of owners' equity and balance sheet for both years, and a statement of cash flows for only 20X2. Additionally, please refer to the rubric attached to this assignment for additional grading components and information required in submission. Please note that the company: 1. Issued stock in 20X2, but did not in 20X1. 2. Paid its 20X1 tax liability in full in 20X2. Tax rate 38% Deferred tax payable - Depreciation at Dec. 31, 20X0 26,600 20X1 20X2 Estimated tax payment made Tax depreciation 4,600 10,000 37,200 33,600 Unrealized gain on short-term trading debt investment 8,400 5,100 Unrealized gain on long-term AFS debt investment 11,000 20X1 20X2 Accounts payable 222,550 298,966 Accumulated depreciation Accounts receivable Additional paid-in capital Amortization expense Cash Common stock ($1 par…
Please help me
paresh

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS