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Dakota Company | |||||||||||
Answer a | |||||||||||
Event No. | Balance Sheet | ||||||||||
Assets | Liabilities | Stockholder's Equity | Account title for | ||||||||
Cash | + | Land | = | Notes Pay | + | Common Stock | + | Retained Earnings | Retained Earnings | ||
Balance 1/1/2016 | 17,500.00 | + | 22,500.00 | = | 25,000.00 | + | 10,000.00 | + | 5,000.00 | ||
1 | 20,000.00 | + | - | = | - | + | 20,000.00 | + | - | NA | |
2 | (25,000.00) | + | 25,000.00 | = | - | + | - | + | - | NA | |
3 | 10,000.00 | + | - | = | 10,000.00 | + | - | + | - | NA | |
4 | 50,000.00 | + | - | = | - | + | - | + | 50,000.00 | Service Revenue | |
5 | (1,500.00) | + | - | = | - | + | - | + | (1,500.00) | Utilities expense | |
6 | (35,500.00) | + | - | = | - | + | - | + | (35,500.00) | Operating Expenses | |
7 | (5,000.00) | + | - | = | - | + | - | + | (5,000.00) | Dividend Paid | |
8 | + | - | = | - | + | - | + | - | NA | ||
30,500.00 | + | 47,500.00 | = | 35,000.00 | + | 30,000.00 | + | 13,000.00 |
Answer b-1 | ||
Income Statement | Amount $ | |
Services revenue | 50,000.00 | |
Utilities expense | 1,500.00 | |
Other operating expense | 35,500.00 | |
Net Income | 13,000.00 | |
Answer b-2 | ||
Statement of changes in equity | Amount $ | Amount $ |
Beginning common stock | 10,000.00 | |
Plus: Common stock issued | 20,000.00 | |
Ending common stock | 30,000.00 | |
Beginning Retained earnings | 5,000.00 | |
Plus: Net Income | 13,000.00 | |
Less: Dividends | 5,000.00 | |
Ending Retained earnings | 13,000.00 | |
Total stockholder's equity | 43,000.00 | |
Answer b-3 | ||
Balance Sheet | ||
Assets | Amount $ | |
Cash | 30,500.00 | |
Land | 47,500.00 | |
Total Assets | 78,000.00 | |
Liabilities | ||
Notes Payable | 35,000.00 | |
Total Liabilities | 35,000.00 | |
Stockholder's equity | ||
Common Stock | 30,000.00 | |
Retained Earnings | 13,000.00 | |
Total Stockholder's equity | 43,000.00 | |
Total Liabilities & Stockholder's equity | 78,000.00 | |
Answer b-4 | ||
Amount $ | Amount $ | |
Cash flows from operating activities | ||
Services provided in cash | 50,000.00 | |
Utilities expense | (1,500.00) | |
Other operating expense | (35,500.00) | |
Cash flows from operating activities | 13,000.00 | |
Cash Flow from Investing Activities | ||
Land purchased | (25,000.00) | |
Cash Flow from Investing Activities | (25,000.00) | |
Cash Flow from Financing Activities | ||
Common stock issued during the year | 20,000.00 | |
Borrowings | 10,000.00 | |
Dividends paid | (5,000.00) | |
Net Cash inflow form Financing Activities | 25,000.00 | |
Net Increase in cash | 13,000.00 | |
Add: Beginning Cash Balance | 17,500.00 | |
Ending cash Balance | 30,500.00 | |
Answer c-1 | Amount $ | |
Ending Retained earnings | 13,000.00 | |
Total Assets | 78,000.00 | |
% of assets provided by Retained earnings | 16.7% | |
Answer c-2 | ||
Yes retained earnings balance reflect the amount of cash that company can pays as dividends. | ||
Answer d | ||
The largest cash dividend Dakota could pay is the ending balance of retained Earnings which is $ 13,000. |
I need help with filling these out. i am stuck and need some help. Dakota Company...
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