Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued50,600 worth of common stock (2) earned cash revenues of $33,700, (3) paid cash expenses of $14,900, and (4) paid a $3,200 cashdividend to its stockholders. These were the only events that affected the company during Year 1.Requireda. 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, forMajka Company.Complete this question by entering your answers in the tabs below.Required B IncStmtRequired BStmt ofRequired B BalSheetRequired AChangesRecord the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases toaccount balances with a minus sign.)МАЈКА СОМPANYAccounting Equation for Year 1AssetsLiabilitiesStockholders' EquityEventCommonRetainedCash+%3DStockEarnings1.%3D2.3.+4.%3DEnding balance< Required ARequired B Inc Stmt >| +| +| ++

As per Accounting Equation:Assets =Liabilities +Owner's Equity

Answered: Majka Company was started on January 1,…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 2CE

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Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued 50,300 worth of common stock (2) earned cash revenues of $33,100, (3) paid cash expenses of $14,700, and (4) paid a $3,000 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 A Event Required B Inc Stmt 1. 2. 3. 4. Ending balance Required B Stmt of Changes Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign.) Assets Cash MAJKA COMPANY Accounting Equation for Year 1 Liabilities =…
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