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of each accounting event = statement, statement of cl estion by entering your an

of each accounting event = statement, statement of cl estion by entering your an

FINANCIAL ACCOUNTING
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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Mijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues of $30,700, (2) paid cash expenses of $13,900, and (3) paid a $2,200 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 Mijka Company. Complete this question by entering your answers in the tabs below. Req B Inc Stmt Req B Stmt of Changes Req B Bal Req A Sheet Prepare an income statement dated December 31, Year 1, for Mijka Company. MIJKA COMPANY Income Statement For the Year Ended December 31, Year 1 < Req A Req B Stmt of Changes >
Transcribed Image Text:Mijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues of $30,700, (2) paid cash expenses of $13,900, and (3) paid a $2,200 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 Mijka Company. Complete this question by entering your answers in the tabs below. Req B Inc Stmt Req B Stmt of Changes Req B Bal Req A Sheet Prepare an income statement dated December 31, Year 1, for Mijka Company. MIJKA COMPANY Income Statement For the Year Ended December 31, Year 1 < Req A Req B Stmt of Changes >
Mijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues of $30,700, (2) paid cash expenses of $13,900, and (3) paid a $2,200 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 Mijka Company. Complete this question by entering your answers in the tabs below. Req B Inc Stmt Req B Stmt of Changes Req B Bal Sheet Req A Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign. Not all cells require input.) MIJKA COMPANY Accounting Equation for Yeart Assets Liabilities Stockholders' Equity %3D Event Common Retained Cash Stock Earnings 1. %3D 2. %3D 3. + %3D Ending balance < Req A Req B Inc Stmt >
Transcribed Image Text:Mijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues of $30,700, (2) paid cash expenses of $13,900, and (3) paid a $2,200 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 Mijka Company. Complete this question by entering your answers in the tabs below. Req B Inc Stmt Req B Stmt of Changes Req B Bal Sheet Req A Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign. Not all cells require input.) MIJKA COMPANY Accounting Equation for Yeart Assets Liabilities Stockholders' Equity %3D Event Common Retained Cash Stock Earnings 1. %3D 2. %3D 3. + %3D Ending balance < Req A Req B Inc Stmt >
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