Majka Company was started on January 1, Year 1 when it acquired $50,000 from the sale of common stock. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues of $28,600, (2) paid cash expenses of $13,200, and (3) paid a $1,500 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 account headings.
b. Prepare an income statement dated December 31, Year 1, for Majka Company.
c. Prepare a statement of changes in stockholders’ equity dated December 31, Year 1, for Majka Company.
d. Prepare a balance sheet dated December 31, Year 1, for Majka Company.

Question

Majka Company was started on January 1, Year 1 when it acquired $50,000 from the sale of common stock. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues of $28,600, (2) paid cash expenses of $13,200, and (3) paid a $1,500 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 account headings.  

b. Prepare an income statement dated December 31, Year 1, for Majka Company.  

c. Prepare a statement of changes in stockholders’ equity dated December 31, Year 1, for Majka Company.  

d. Prepare a balance sheet dated December 31, Year 1, for Majka Company.

Explanation:

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a recipe serves 8 people, and calls for 5 lbs of apples and 2 cups of flour. you want to prepare it for 24 people. divide 24 by 8 to get 3, and then multiply your ingredients by 3.

so for 24 people, you'll need 15 lbs of apples, and 6 cups of flour.