Business, 17.09.2019 19:10 wayneh24

Dakota company experienced the following events during 2018: acquired $20,000 cash from the issue of common stock. paid $25,000 cash to purchase land. borrowed $10,000 cash. provided services for $50,000 cash. paid $1,500 cash for utilities expense. paid $35,500 cash for other operating expenses. paid a $5,000 cash dividend to the stockholders. determined that the market value of the land purchased in event 2 is now $28,000. required a. the january 1, 2018, 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. b-1. prepare an income statement for the 2018 accounting period. b-2. prepare a statement of changes in equity for the 2018 accounting period. b-3. prepare a year-end balance sheet for the 2018 accounting period. b-4. prepare a statement of cash flows for the 2018 accounting period. c. determine the percentage of assets that were provided by retained earnings. can you determine the cash in retained earnings?

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 21:10

Which of the following statements is (are) true? i. free entry to a perfectly competitive industry results in the industry's firms earning zero economic profit in the long run, except for the most efficient producers, who may earn economic rent. ii. in a perfectly competitive market, long-run equilibrium is characterized by lmc < p < latc. iii. if a competitive industry is in long-run equilibrium, a decrease in demand causes firms to earn negative profit because the market price will fall below average total cost.

Answers: 3

Answer

Business, 23.06.2019 01:30

James jones is the owner of a small retail business operated as a sole proprietorship. during 2017, his business recorded the following items of income and expense: revenue from inventory sales $ 147,000 cost of goods sold 33,500 business license tax 2,400 rent on retail space 42,000 supplies 15,000 wages paid to employees 22,000 payroll taxes 1,700 utilities 3,600 compute taxable income attributable to the sole proprietorship by completing schedule c to be included in james’s 2017 form 1040. compute self-employment tax payable on the earnings of james’s sole proprietorship by completing a 2017 schedule se, form 1040. assume your answers to parts a and b are the same for 2018. further assume that james's business is not a service business, and that it has $155,000 unadjusted basis in tangible depreciable property. calculate james's 2018 section 199a deduction.

Answers: 1

Answer

Business, 23.06.2019 01:50

The capital balances, prior to the liquidation of the benjamin, gaynor, megan partnership, were as follows: benjamin, capital $100,000gaynor, capital $120,000megan, capital $175,000benjamin, gaynor, and megan share profits and losses in the ratio of 25%, 40%, 35%. as a result of a loan, the partnership owes gaynor $80,000. using the information above, which partner has the highest loss absorption power (lap) prior to liquidation? a. gaynorb. meganc. benjamind. both gaynor and megan have the same lap

Answers: 2

Answer

Business, 23.06.2019 10:30

Denise is a hard worker, but she has always had differences with her boss, angela. angela has recently become more demanding and is often unwilling to provide clarification on project requirements. after too many long working days with little or no job satisfaction, denise walked into angela's office and submitted her resignation. denise knows that her résumé is strong and feels confident she will find another job. denise is now facing unemployment.a. seasonalb. cyclicalc. structurald. frictional

Answers: 3

Answer

You know the right answer?

Dakota company experienced the following events during 2018: acquired $20,000 cash from the issue o...

Questions