Hello! dong some practice extra credit and in need of some help Thank you
Homework Answers
Requirement A:
| BETTER CORPORATION | ||||||||||
| Accounting Equation for Year 1 | ||||||||||
| Event | Assets | Liabilities | + | Stockholders' Equity |
Account Titles for Retained Earnings |
|||||
| Cash | + | Land | = |
Notes Payable |
+ |
Common Stock |
+ |
Retained Earnings |
||
| Balance 1/1/Year 2 | 13,000 | + | 23,000 | = | 12,300 | + | 7,300 | + | 16,400 | |
| 1 | -6,500 | + | 6,500 | = | + | + | ||||
| 2 | 28,000 | + | = | + | 28,000 | + | ||||
| 3 | 67,000 | + | = | + | + | 67,000 | Service revenue | |||
| 4 | -41,700 | + | = | + | + | -41,700 | Operating expenses | |||
| 5 | 13,000 | + | = | 13,000 | + | + | ||||
| 6 | -6,500 | + | = | + | + | -6,500 | Cash dividends | |||
| 7* | + | = | + | + | ||||||
| Totals | 66,300 | + | 29,500 | = | 25,300 | + | 35,300 | + | 35,200 | |
*No Entry for 7
Requirement B:
As of Dec 31, Year 2
| Assets | = | Liabilities | + |
Stockholders' Equity |
| 95,800 | = | 25,300 | + | 70,500 |
Explanation:
Assets = Cash + Land
Liabilities = Notes payable
Stockholders' equity = Common stock + Retained earnings
Requirement C:
As of Jan 1, Year 3
| Assets | = | Liabilities | + |
Stockholders' Equity |
| 95,800 | = | 25,300 | + | 70,500 |
Explanation:
Dec 31 Year 2 balances are same as Jan 1, Year 3
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Hello! dong some practice extra credit and in need of some help
Thank you
Accounting Titles...
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I need both sheets filled out
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At the beginning of Year 2, Better Corp.’s accounting records had the following general ledger accounts...
At the beginning of Year 2, Better Corp.’s accounting records
had the following general ledger accounts and balances.
Better Corp. completed the following transactions during Year
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Purchased land for $6,000 cash.
Acquired $27,000 cash from the issue of common stock.
Received $66,000 cash for providing services to customers.
Paid cash operating expenses of $41,800.
Borrowed $12,000 cash from the bank.
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At the beginning of 2018, Better Corp.'s accounting records had the following general ledger accounts and...
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At the beginning of 2018, Better Corp's accounting records had the following general ledger accounts and balances: BETTER CORP. Accounting Equation Event - + Accounting Titles for Retained Earnings Liabilities Notes Payable 12,800 Cash Land 18,000 28,000 Stockholders' Equity Common Retained Stock Earnings 7,800 25,400 Balance 1/1/2018 Better Corp. completed the following transactions during 2018: 1. Purchased land for $9,000 cash. 2. Acquired $33,000 cash from the issue of common stock 3. Received $72,000 cash for providing services to customers....
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I need both sheets filled out
At the beginning of 2018, Better Corp 's accounting records had the following general ledger accounts and balances BETTER CORP. Accounting Equation Accounting Titles for Retained Earnings Event Assets s Liabilities Notes Payable 13,408 Common Stock 8,400 Retained Earnings 36, 280 Cash Land 1/1/2018 24,080 34, eee Better Corp. completed the following transactions during 2018: 1. Purchased land for $12,000 cash. 2. Acquired $39,000 cash from the issue of common stock 3. Received $78,000...
At the beginning of 2018, Better Corp.'s accounting records had the following general ledger accounts and balances: BETTER CORP. Accounting Equation Event Assets = + Accounting Titles for Retained Earnings Liabilities Notes Payable 12,100 Cash Land 11,000 21,000 - Stockholders' Equity Common Retained Stock Earnings 7,100 12,800 Balance 1/1/2018 Better Corp. completed the following transactions during 2018: 1. Purchased land for $5,500 cash. 2. Acquired $26,000 cash from the issue of common stock. 3. Received $65,000 cash for providing services...
At the beginning of Year 2, Better Corp.’s accounting records
had the following general ledger accounts and balances.
Better Corp. completed the following transactions during Year
2:
Purchased land for $6,000 cash.
Acquired $27,000 cash from the issue of common stock.
Received $66,000 cash for providing services to customers.
Paid cash operating expenses of $41,800.
Borrowed $12,000 cash from the bank.
Paid a $6,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in event...
At the beginning of 2018, Better Corp.'s accounting records had the following general ledger accounts and balances: BETTER CORP. Accounting Equation Event Assets = Accounting Titles for Retained Earnings + Liabilities Notes Payable 12,000 Cash Land 10,000 20,000 Stockholders' Equity Common Retained Stock Earnings 7,000 11,000 Balance 1/1/2018 Better Corp. completed the following transactions during 2018: 1. Purchased land for $5,000 cash. 2. Acquired $25,000 cash from the issue of common stock. 3. Received $75,000 cash for providing services to...
Check m At tne beginning or rear 2, Better Corp.s accounting recoras naa tne roliowing generai ieager accounts ana Daiances BETTER CORP. Accounting Equation Event Assets Liabilities Accounting Titles for Retained Earnings Stockholders' Equity Land 20,000 Cash Notes Payable Common Stock Retained Earnings 11,000 Balance 01/01/Year 2 10,000 12,000 7,000 Better Corp. completed the following transactions during Year 2: 1 Purchased land for $5,000 cash. 2. Acquired $25,000 cash from the issue of common stock 3. Received $75,000 cash for...
t the beginning of Year 2, Better Corp's accounting records had the following general ledger accounts and balances. BETTER CORP. Accounting Equation . Liabilities+ Stockholders Equity stockR Event Assets Cash 24,000 Retained Earnings Land 34,000 Balance 01/01/Year 2 13,400 8,400 36,200 Better Corp. completed the following transactions during Year: 1. Purchased land for $12,000 cash. 2. Acquired $39,000 cash from the issue of common stock 3. Received $78,000 cash for providing services to customers. 4. Paid cash operating expenses of...
At the beginning of Year 2, Better Corp.'s accounting records had the following general ledger accounts and balances. BETTER CORP Accounting Equation Accounting Titles for Retained Earnings Event Liabilities + Notes Payable Common Stock Retained Earnings Assets Stockholders' Equit Cash 15,000 Land 25,000 Balance 01/01/Year 2 12,500 7,500 20,000 Better Corp. completed the following transactions during Year 2: 1. Purchased land for $7,500 cash. 2. Acquired $30,000 cash from the issue of common stock. 3. Received $69,000 cash for providing...
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