Better Corp. completed the following transactions during Year 2:
Purchased land for $5,000 cash.
Acquired $25,000 cash from the issue of common stock.
Received $75,000 cash for providing services to customers.
Paid cash operating expenses of $42,000.
Borrowed $10,000 cash from the bank.
Paid a $5,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in event 1 is $35,000.
Required
Record the transactions in the accounting equation for Year 2. 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.
As of December 31, Year 2, determine the total amount of assets, liabilities, and stockholders’ equity and present this information in the form of an accounting equation.
What is the amount of total assets, liabilities, and stockholders’ equity as of January 1, Year 3?
Answers: 2
Another question on Business
Business, 22.06.2019 07:50
Budget in this final week, you will develop a proposed budget of $150,000 for the first year of the program and complete the final concept paper for the proposed program due for senior management review. the budget should identify the program's anticipated expenses for the year ahead. budget line items should be consistent with the proposed program and staffing plan. using the readings for the week, the south university online library, and the internet, complete the following tasks: create a proposed budget of $150,000 for the first year of the proposed program including the cost for personnel, supplies, education materials, marketing costs, and so on in a microsoft excel spreadsheet. you may transfer your budget to your report. justify the cost for each item of the proposed budget in a budget narrative.
Answers: 2
Business, 22.06.2019 11:10
Which of the following is an example of a production quota? a. the government sets an upper limit on the quantity that each dairy farmer can produce. b. the government sets a price floor in the market for dairy products. c. the government sets a lower limit on the quantity that each dairy farmer can produce. d. the government guarantees to buy a specified quantity of dairy products from farmers.
Answers: 2
Business, 22.06.2019 14:30
The face of a company is often that of the lowest paid employees who meet the customers. select one: true false
Answers: 1
Business, 22.06.2019 16:30
Corrective action must be taken for a project when (a) actual progress to the planned progress shows the progress is ahead of schedule. (b) the technical specifications have been met. (c) the actual cost of the activities is less than the funds received for the work completed. (d) the actual progress is less than the planned progress.
Answers: 2
You know the right answer?
Better Corp. completed the following transactions during Year 2:
Purchased land for $5,000 cash.
Questions
Biology, 17.07.2019 05:00
Chemistry, 17.07.2019 05:00
Mathematics, 17.07.2019 05:00
Social Studies, 17.07.2019 05:00
Spanish, 17.07.2019 05:00
