Dakota Company experienced the following events during Year 2 1. Acquired $30,000 cash from the issue of common stock. 2. Paid $12,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $20,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $15,000 cash for other operating expenses. 7. Paid a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Eve Required a. The January 1, Year 2, general ledger account balances are she the appropriate general ledger accounts, Record the amounts of Provide the appropriate titles for these accounts in the last colum b-1. Prepare an income statement for the Year 2 accounting peric b-2. Prepare a statement of changes in equity for the Year 2 accc b-3. Prepare a year-end balance sheet for the Year 2 accounting b-4. Prepare a statement of cash flows for the Year 2 accounting c-1. Dețermine the percentage of assets that were provided by re c-2. Can you determine the cash in retained earnings? Complete this question by entering your answers in the tab
Dakota Company experienced the following events during Year 2 1. Acquired $30,000 cash from the issue of common stock. 2. Paid $12,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $20,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $15,000 cash for other operating expenses. 7. Paid a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Eve Required a. The January 1, Year 2, general ledger account balances are she the appropriate general ledger accounts, Record the amounts of Provide the appropriate titles for these accounts in the last colum b-1. Prepare an income statement for the Year 2 accounting peric b-2. Prepare a statement of changes in equity for the Year 2 accc b-3. Prepare a year-end balance sheet for the Year 2 accounting b-4. Prepare a statement of cash flows for the Year 2 accounting c-1. Dețermine the percentage of assets that were provided by re c-2. Can you determine the cash in retained earnings? Complete this question by entering your answers in the tab
Accounting Information Systems
11th Edition
ISBN:9781337552127
Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Chapter2: Enterprise System
Section: Chapter Questions
Problem 5P
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Transcribed Image Text:vork: Assignment 2 1
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 earning
c-2. Can you determine the cash in retained earnings?
Complete this question by entering your answers in the tabs below.
Req A
Req B1
Req B2
Req B3
Req B4
Req C1
Prepare a year-end balance sheet for the Year 2 accounting period.
DAKOTA COMPANY
Balance Sheet
As of December 31, Year 2
Assets
Total assets
Liabilities
Total liabilities
Stockholders' Equity
Total stockholders' equity
Total liabilities and stockholders equity
0.
< Req B2
Req B4 >
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Transcribed Image Text:Question 2- W02 Homeworlc AX
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Dakota Company experienced the following events during Year 2.
1. Acquired $30,000 cash from the issue of common stock.
2. Paid $12,000 cash to purchase land.
3. Borrowed $10,000 cash.
4. Provided services for $20,000 cash.
5. Paid $1,000 cash for utilities expense.
6. Paid $15,000 cash for other operating expenses.
7. Paid a $2.000 cash dividend to the stockholders.
8. Determined that the market value of the land purchased in Event 2 is now $12,700.
Required
a. The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the e
the appropriate general ledger accounts, Record the amounts of revenue, expense, and dividends in the Retained Earnin
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. Dețermine the percentage of assets that were provided by retained earnings.
c-2. Can you determine the cash in retained earnings?
Complete this question by entering your answers in the tabs below.
Reg C2
Reg C1
Reg B4
Reg B3
Reg B2
Req B1
Reg A
i statement of changes in equity for the Year 2 accounting period.
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