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t Aoqured $30,000 cash from the issue of common stock 2. Pod $12,000 cash to purchase land 3 Bowowed $10,000 cash 4. Provided sevices for $20,000 cash. S. Pakd $1,000 cash for utiities expense. 6 Pald $15,000 cash for other operating expenses. 2 Ped a $2,000 cash dividend to the stockholders. & Detemined that the market value of the land purchased In Event 2 Is now $12,700. Required . The January 1, Year 2, general ledger account balances are shown In the following accounting equation. Record the elght events In the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends In the Retalned Earnings column. Provide the appropriate titles for these accounts In the last column of the table. The first event Is shown as an example. L Prepare an Income statement for the Year 2 accounting perlod. 2. Prepare a statement of changes In equity for the Year 2 accounting period. 3. Prepare a year-end balance sheet for the Year 2 accounting perlod. 4. Prepare a statement of cash flows for the Year 2 accounting period. st. Determine the percentage of assets that were provided by retalned earnings. 2 Can you determine the cash in retalned earnings?

t Aoqured $30,000 cash from the issue of common stock 2. Pod $12,000 cash to purchase land 3 Bowowed $10,000 cash 4. Provided sevices for $20,000 cash. S. Pakd $1,000 cash for utiities expense. 6 Pald $15,000 cash for other operating expenses. 2 Ped a $2,000 cash dividend to the stockholders. & Detemined that the market value of the land purchased In Event 2 Is now $12,700. Required . The January 1, Year 2, general ledger account balances are shown In the following accounting equation. Record the elght events In the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends In the Retalned Earnings column. Provide the appropriate titles for these accounts In the last column of the table. The first event Is shown as an example. L Prepare an Income statement for the Year 2 accounting perlod. 2. Prepare a statement of changes In equity for the Year 2 accounting period. 3. Prepare a year-end balance sheet for the Year 2 accounting perlod. 4. Prepare a statement of cash flows for the Year 2 accounting period. st. Determine the percentage of assets that were provided by retalned earnings. 2 Can you determine the cash in retalned earnings?

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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t Aoqured $30,000 cash from the issue of common stock 2. Pod $12,000 cash to purchase land 3 Bowowed $10,000 cash 4. Provided sevices for $20,000 cash. S. Pakd $1,000 cash for utiities expense. 6 Pald $15,000 cash for other operating expenses. 2 Ped a $2,000 cash dividend to the stockholders. & Detemined that the market value of the land purchased In Event 2 Is now $12,700. Required . The January 1, Year 2, general ledger account balances are shown In the following accounting equation. Record the elght events In the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends In the Retalned Earnings column. Provide the appropriate titles for these accounts In the last column of the table. The first event Is shown as an example. L Prepare an Income statement for the Year 2 accounting perlod. 2. Prepare a statement of changes In equity for the Year 2 accounting period. 3. Prepare a year-end balance sheet for the Year 2 accounting perlod. 4. Prepare a statement of cash flows for the Year 2 accounting period. st. Determine the percentage of assets that were provided by retalned earnings. 2 Can you determine the cash in retalned earnings?
Transcribed Image Text:t Aoqured $30,000 cash from the issue of common stock 2. Pod $12,000 cash to purchase land 3 Bowowed $10,000 cash 4. Provided sevices for $20,000 cash. S. Pakd $1,000 cash for utiities expense. 6 Pald $15,000 cash for other operating expenses. 2 Ped a $2,000 cash dividend to the stockholders. & Detemined that the market value of the land purchased In Event 2 Is now $12,700. Required . The January 1, Year 2, general ledger account balances are shown In the following accounting equation. Record the elght events In the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends In the Retalned Earnings column. Provide the appropriate titles for these accounts In the last column of the table. The first event Is shown as an example. L Prepare an Income statement for the Year 2 accounting perlod. 2. Prepare a statement of changes In equity for the Year 2 accounting period. 3. Prepare a year-end balance sheet for the Year 2 accounting perlod. 4. Prepare a statement of cash flows for the Year 2 accounting period. st. Determine the percentage of assets that were provided by retalned earnings. 2 Can you determine the cash in retalned earnings?
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