subject
Mathematics, 08.11.2021 14:00 garay2015

Exercise 1-23A (Algo) Preparing financial statements LO 1-5, 1-6, 1-7, 1-8, 1-9 Dakota Company experienced the following events during Year 2:

Acquired $10,000 cash from the issue of common stock.
Paid $25,500 cash to purchase land.
Borrowed $5,000 cash.
Provided services for $60,000 cash.
Paid $1,000 cash for utilities expense.
Paid $38,500 cash for other operating expenses.
Paid a $2,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in Event 2 is now $30,000.

Required
a. The January 1, Year 2, account balances are shown in the following accounting equation. Record the eight events in the appropriate accounts under an accounting equation. 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.
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. Does the retained earning balance reflect the amount of cash that the company has available to pay dividends?
d. Based on the December 31, Year 2, balance sheet, what is the largest cash dividend Dakota could pay?

ansver
Answers: 2

Another question on Mathematics

question
Mathematics, 21.06.2019 17:20
Consider the proof. given: segment ab is parallel to line de. prove: what is the missing statement in step 5?
Answers: 3
question
Mathematics, 21.06.2019 17:30
The sales totals at macy's food store have increased exponentially over the months. which of these best shows the sales in the first three months?
Answers: 2
question
Mathematics, 21.06.2019 17:30
How do i make someone brainliest? (if you answer me, i might be able to make you brainliest! )
Answers: 1
question
Mathematics, 21.06.2019 18:30
Idon’t understand! use slope intercept form to solve: through: (2,5) slope= undefined
Answers: 1
You know the right answer?
Exercise 1-23A (Algo) Preparing financial statements LO 1-5, 1-6, 1-7, 1-8, 1-9 Dakota Company exp...
Questions
question
English, 08.03.2021 09:40
question
Mathematics, 08.03.2021 09:40
question
Mathematics, 08.03.2021 09:40
Questions on the website: 13722359