Question

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 Complete this question by entering your answers in the tabs below. Required B Inc Required B Required A Stmt Required B Bal Stmt of Changes Sheet Prepare a statement of changes in stockholders' equity dated December 31, Year 1, for Majka Company. MAJKA COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock $ 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ 0 < Required B Inc Stmt Required B Bal Sheet >

Answer 1

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K26 A B C D E F G H н T J K L M N N o 1 2 Earned cash revenues Paid cash expenses Cash dividend 31300 14100 3 4 2400 5 Event 6 7 8 + Assets = Laibilities Stock sholder's Equity Cash = # Common Stock Retained Earnings 1] 31300/= + 31300 21-14100= + -14100 3 -2400/= -2400 14800/= 0 + 0 + 14800 Income Statement For the year Ended December 31, Year 1 Revenue 31300 Less:Expenses -14100 Net Income 17200 9 + 10 + + 11 Statement of changes stockholders Equity For the year Ended December 31, Year 1 Assets Current Assets Cash 14800 Total assets 14800 Liabilities Stockholders Equity Retained Earnings 14800 Total Stockholders Equity 14800 Total liabilities Stockholders Equity 14800 12 13 14 15 16 Statement of changes stockholders Equity For the year Ended December 31, Year 1 Beginning Common Stock 0 Issue of Stock 0 Ending Common Stock 0 Beginning Retained Earnings 0 Add: Net income for the year 17200 Less:Dividend paid 2400 Ending Retained Earnings 14800 Total Stockholders Equity 14800 17 18 19 20 21

For calculation ref:

А. B с D E F G H I J K L M N 0 1 2 3 4 Earned cash revenues 31300 Paid cash expenses 14100 Cash dividend 2400 5 6 Event = Laibilities Income Statement 7 Assets Cash =C2 Stock sholder's Equity + Common Stock + Retained Earnings + =C8 8 1 = + For the year Ended December 31, Year 1 Revenue =18 Less:Expenses =19 Net Income =SUM(L8:19) 9 2 + --C3 --C4 + =C9 + =C10 10 3 + 11 =SUM(C8:C10) = 0 + 10 + =SUM(18:110) Statement of changes stockholders Equity For the year Ended December 31, Year 1 Assets Current Assets Cash =C11 Total assets =O10 Liabilities Stockholders Equity Retained Earnings =L21 Total Stockholders Equity =014 Total liabilities Stockholders Equity =015 12 13 14 15 16 Statement of changes stockholders Equity For the year Ended December 31, Year 1 Beginning Common Stock 0 Issue of Stock 0 Ending Common Stock 0 Beginning Retained Earnings 0 Add: Net income for the year =L10 Less:Dividend paid =-110 Ending Retained Earnings 1=L18-L19 Total Stockholders Equity =L20 17 18 19 20 21 22