esMijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events:1 earned cash revenues of $31,9002 paid cash expenses of $14,3003 paid a $2,600 cash dividend to its stockholdersThese 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, forMijka CompanyComplete this question by entering your answers in the tabs below.Req AReq B IncomeStatementEventReq BStatement ofChangesRecord the effects of each accounting event under the appropriate general ledger account headings.Note: Enter any decreases to account balances with a minus sign. Not all cells require input.Stock issuance1. Cash revenues2. Paid expenses3. Paid dividendEnding balanceAssetsCashMIJKA COMPANYAccounting Equation for Year1100,000100,000==Req B BalanceSheet==Liabilities< Req A0++++Stockholders' EquityCommonStock100,000100,000++++RetainedEarningsReq B Income Statement >0

Given that,cash revenues = $31,900Cash expenses = $14,300Cash dividend = $2,600

Answered: Mijka Company was started on January 1,…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter6: Cash And Internal Control

Section: Chapter Questions

Problem 6.1DC

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You are the accountant for Kamal Fabricating, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from the company’s general ledger and other financial reports (all balances are end-of-year except for those noted otherwise): Cash $12,000 Common stock 8,000 Accounts receivable 7,000 Accounts payable 2,000 Cash dividends declared for the year 1,000 Additional paid-in capital 4,000 Prepaid insurance 5,000 Prior period adjustment, net of income taxes (2,000) Unearned revenue 4,000 Retained earnings, beginning of the year 6,000 Net income for the year 9,000 Prepare the company’s Statement of Retained Earnings. Kamal Fabricating, Inc. Statement of Retained Earnings Year Ended June 30, 2020 $ $ $
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