Question

Exercise 1-15A Preparing an income statement and a balance sheet LO 1-7 Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues of $31,300, (2) paid cash expenses of $14,100, and (3) paid a $2,400 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 general ledger account headings. b. Prepare an income statement, statement of changes in stockholders' equity, and a balance sheet dated December 31, Year 1, for Majka Company sce Complete this question by entering your answers in the tabs below. Required B Inc Required Required B Bal Required A Stmt of Stmt Sheet Changes Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign.) MAJKA COMPANY

Answer 1

Blution & MIJKA COMPANY a) Accounting equation I Assets & liabilities, at stockholder's equity | cash& + common & Retained Stock earnings Events 31300 revenues (31300 paid (14100) expenses (14100) per visend (2400) (2400) Ending Balance $14800 Ślusuo I Income statement MI JKA company for the year ended Decal Revenue - E $31300 $ 14100 expenses Net income $ 17200

МІле с отрам statement of changes in stock holden's equity. for the year ended Dec 31, Beginning stock Common stocks issued ending common stock - Beginning Retained earning - cash Revenues 31200 paid expenses Culou) paid dividend (24oo) ending Retained earnings Total stock holden's equity/ $ 14800 $ 14800 MiJkA COMPANY Balance sheet . Assets $ 14800 $ 14800 cash (Al Total assets liabilities Stack holders equitys common stock to Retained earning & lusoo Total stocks holder's equity (B) Total Liabilities $14800 slusoo