Dakota Company experienced the following events during Year 2:1. Acquired $15,000 cash from the issue of common stock.2. Paid $15,000 cash to purchase land.3. Borrowed $5,000 cash.4. Provided services for $55,000 cash.5. Paid $2,000 cash for utilities expense.6. Paid $45,000 cash for other operating expenses.7. Paid a $1,000 cash dividend to the stockholders.8. Determined that the market value of the land purchased in Event 2 is now $16,000.Requireda. The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight eventsin the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earningscolumn. Provide the appropriate titles for these accounts in the last column of the table. The first event is shown as an example.b-1. Prepare an income statement for the Year 2 accounting period.b-2. Prepare a statement of changes in equity for the Year 2 accounting period.b-3. Prepare a year-end balance sheet for the Year 2 accounting period.b-4. Prepare a statement of cash flows for the Year 2 accounting period.c-1. Determine the percentage of assets that were provided by retained earnings.c-2. How much cash is in the Retained Earnings account?acesComplete this question by entering your answers in the tabs below.RegReq B1Reg B2Req B3-Req B4Reg C1Reg C2The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in the appropriate generalledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts inthe last column of the table. The first event is shown as an example. (Enter any decreases to account balances with a minus sigo.)ACraw1 of 1PreyNext Complete this question by entering your answers in the tabs below.Req AReq B1Req B2Req B3Req B4Req C1Req C2The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in the appropriate geneledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accothe last column of the table. The first event is shown as an example. (Enter any decreases to account balances with a minus sign.)Show leDAKOTA COMPANYAccounting Equation for Year 2AssetsLiabilitiesStockholders' Equity%3DAccount Titles forRetained EarningsEventNotesCommon+.StockRetainedCashLandPayableEarningsBeginning balance14,500 +10,000 =10,000 +10,000 +4,5001.15,000 +15,000 +2.3.+%3D4.5.+%3D6.%3D7.+%3D+8.29,500 +10,000 =10,000 +25,000 +4,500Totals< Req AReq B1<>< Prey1 of 1Next

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ota Company experienced the following events during Year 2: Acquired $15,000 cash from the issue of common stock. Paid $15,000 cash to purchase land. Borrowed $5,000 cash. Provided services for $55,000 cash. Paid $2,000 cash for utilities expense. Paid $45,000 cash for other operating expenses. . Paid a $1,000 cash dividend to the stockholders. E. Determined that the market value of the land purchased in Event 2 is now $16,00. Required a. The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column, Provide the appropriate titles for these accounts in the last column of the table, The first event is shown as an example

ota Company experienced the following events during Year 2: Acquired $15,000 cash from the issue of common stock. Paid $15,000 cash to purchase land. Borrowed $5,000 cash. Provided services for $55,000 cash. Paid $2,000 cash for utilities expense. Paid $45,000 cash for other operating expenses. . Paid a $1,000 cash dividend to the stockholders. E. Determined that the market value of the land purchased in Event 2 is now $16,00. Required a. The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column, Provide the appropriate titles for these accounts in the last column of the table, The first event is shown as an example

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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a. Equipment with a book value of $81,000 and an original cost of $167,000 was sold at a loss of $37,000. b. Paid $115,000 cash for a new truck. c. Sold land costing $325,000 for $415,000 cash, yielding a gain of $90,000. d. Stock investments were sold for $97,000 cash, yielding a gain of $15,500. Use the above information to determine cash flows from investing activities. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from investing activities B F8 수 F9 4 F10 Co
a. Equipment with a book value of $82,000 and an original cost of $163,000 was sold at a loss of $31,000. b. Paid $112,000 cash for a new truck. c. Sold land costing $320,000 for $415,000 cash, yielding a gain of $95,000. d. Stock investments were sold for $90,700 cash, yielding a gain of $15,500. Use the above information to determine cash flows from investing activities. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from investing activities
Better Corporation completed the following transactions during Year 2: Purchased land for $5,000 cash. Acquired $25,000 cash from the issue of common stock. Received $75,000 cash for providing services to customers. Paid cash operating expenses of $42,000. Borrowed $10,000 cash from the bank. Paid a $5,000 cash dividend to the stockholders. Determined that the market value of the land purchased in event 1 is $35,000. Required a. Record the transactions in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. b. As of December 31, Year 2, determine the total amount of assets, liabilities, and stockholders’ equity and present this information in the form of an accounting equation. c. What is the amount of total assets, liabilities, and stockholders’ equity as of January 1, Year 3?
Use the following information to determine cash flows from investing activities. a. Equipment with a book value of $65,300 and an original cost of $133,000 was sold at a loss of $14,000. b. Paid $89,000 cash for a new truck. c. Sold land costing $154,000 for $198,000 cash, yielding a gain of $44,000. d. Stock investments were sold for $60,800 cash, yielding a gain of $4,150.
Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total SPICER COMPANY Comparative Balance Sheets December 31 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total Additional information: 1. 2022 $68,000 50,000 151,450 15,280 145,000 200,000 (60,000) 225,000 (45,000) $749,730 $44,730 300,000 200,000 205,000 $749,730 2021 $45,000 58,000 142,000 21,000 130,000 200,000 (40,000) 155,000 (35,000) $676,000 $36,000 300,000 160,000 180,000 $676,000 Operating expenses include depreciation expense of $42,000 ($20,000 of depreciation expense for buildings and $22,000 for equipment).
Use the following company information to calculate net cash provided or used by investing activities. (a) Long-term investments were sold for $51,000 cash, yielding a gain of $22,150. (b) Paid $72,000 cash for new machinery. (c) Sold land costing $34,000 for $40,000 cash, yielding a $6,000 gain. (d) Equipment with a book value of $195,000 and an original cost of $320,000 was sold at a loss of $27,000. Statement of Cash Flows (partial) Cash flows from investing activities
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Multiple Choice $1,095 $990 $5,665 $5,365
A company reported the following transactions during the year: o Issued bonds worth $100,000 o Paid $20,000 in interest o Purchased a building for $150,000 o Received dividends of $5,000 o Sold equipment for $25,000 Classify these transactions into operating, investing, and financing activities.
Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $45,000. 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7. Paid $10,000 cash to reduce the principal balance of the bank note. 8. Paid $53,000 cash to purchase land. 9. Determined that the market value of the land is $75,000. e. Determine the net cash flows from operating activities, investing activities, and financing activities that Maben would report on the Year 1 statement of cash flows. Note: Enter cash outflows as negative amounts. Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activities