Business, 03.09.2021 03:30 emaleyhughes21

Preparing an income statement and a balance sheet Majka Company was started on January 1, 2016. During 2016, the company experienced the following three accounting events: (1) earned cash revenues of $28,600, (2) paid cash expenses of $13,200, and (3) paid a $1,500 cash dividend to its stockholders. These were the only events that affected the company during 2016.
Required
a. Create an accounting equation and 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, 2016, for Majka Company.
c. Explain why the income statement uses different terminology to date the income statement than is used to date the balance sheet.

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 18:20

James sebenius, in his harvard business review article: six habits of merely effective negotiators, identifies six mistakes that negotiators make that keep them from solving the right problem. identify which mistake is being described. striving for a “win-win” agreement results in differences being overlooked that may result in joint gains.

Answers: 2

Answer

Business, 22.06.2019 08:50

Comprehensive illustrative problem: mira's store on february 1 20a4 mica delaman opened astore that sells school supplies her main customer are the students and teachers of happy students school that is situated in front of her store. mira wanted to know the financial position of mira's store. mira knew you were studying accounting. so she asked for . 1. to start her business mira's opened a checking account in the name of mira's store . the statement of account from the bank shows that the checking account has a balance of 31,535 of december 31,20a4

Answers: 2

Answer

Business, 22.06.2019 11:00

Samantha is interested in setting up her own accounting firm and wants to specialize in the area of accounting that has experienced the most significant growth in recent years. which area of accounting should she choose as her specialty? samantha should choose as her specialty.

Answers: 1

Answer

Business, 22.06.2019 11:10

How much are you willing to pay for a zero that matures in 10 years, has a face value of $1,000 and your required rate of return is 7%? round to the nearest cent. do not include a dollar sign in your answer. (i.e. if your answer is $432.51, then type 432.51 without $ sign)

Answers: 1

Answer

You know the right answer?

Preparing an income statement and a balance sheet Majka Company was started on January 1, 2016. Du...

Questions