On January 1, Year 2, the following information was drawn from the accounting records of Carter Company: cash of $475; land of $2,625; notes payable of $775; and common stock of $1,705. Required a. Determine the amount of retained earnings as of January 1, Year 2. . After looking at the amount of retained earnings, the chief executive officer (CEO) wants to pay a $575 cash dividend to the stockholders. Can the company pay this dividend? c. As of January 1, Year 2, what percentage of the assets were acquired from creditors? d. As of January 1, Year 2, what percentage of the assets were acquired from investors? e. As of January 1, Year 2, what percentage of the assets were acquired from retained earnings? f. Create an accounting equation using percentages instead of dollar amounts on the right side of the equation. g. During Year 2, Carter Company earned cash revenue of $720, paid cash expenses of $410, and paid a cash dividend of $61. Hint. It is helpful to record these events under an accounting equation before preparing the statements.) g-1. Prepare an income statement dated December 31, Year 2. g-2. Prepare a statement of changes in stockholders' equity dated December 31, Year 2. g-3. Prepare a balance sheet dated December 31, Year 2. g-4. Prepare a statement of cash flows dated December 31, Year 2. . What is the balance in the Revenue account on January 1, Year 3?

Scott Lockhart owns and operates AAA Delivery Services. On January 1, 20Y7, Common Stock had a balance of $40,000, and Retained Earnings had a balance of $815,500. During the year, no additional common stock was issued, and $10,000 of dividends were paid. For the year ended December 31, 20Y7, AAA Delivery reported a net income of $67,250.   Required:   Prepare a statement of stockholders’ equity for the year ended December 31, 20Y7. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Entries of 0 (zero) are not required and will be cleared if entered. LabelsFor the Year Ended December 31, 20Y7December 31, 20Y7Amount DescriptionsBalances, January 1, 20Y7Balances, December 31, 20Y7DividendsNet incomeNet loss Prepare a statement of stockholders’ equity for the…

On January 1, Year 2, the following information was drawn from the accounting records of Carter Company: cash of $475; land of $2,625; notes payable of $775; and common stock of $1,705. Required a. Determine the amount of retained earnings as of January 1, Year 2. b. After looking at the amount of retained earnings, the chief executive officer (CEO) wants to pay a $575 cash dividend to the stockholders. Can the company pay this dividend? c. As of January 1, Year 2, what percentage of the assets were acquired from creditors? d. As of January 1, Year 2, what percentage of the assets were acquired from investors? e. As of January 1, Year 2, what percentage of the assets were acquired from retained earnings? f. Create an accounting equation using percentages instead of dollar amounts on the right side of the equation. g. During Year 2, Carter Company earned cash revenue of $720, paid cash expenses of $410, and paid a cash dividend of $61. (Hint. It is helpful to record these events under…

At the beginning of 2024, Glasson Academy reported a balance in common stock of $166,000 and a balance in retained earnings of $66,000. During the year, the company issued additional shares of stock for $56,000, earned net income of $46,000, and paid dividends of $11,600. In addition, the company reported balances for the following assets and liabilities on December 31.   Assets Liabilities Cash $54,200 Accounts payable $14,600 Supplies 12,500 Utilities payable 5,600 Prepaid rent 32,000 Salaries payable 5,100 Land 280,000 Notes payable 31,000   Required: Prepare a statement of stockholders’ equity. Prepare a balance sheet.

On January 1, Year 2, the following information was drawn from the accounting records of Carter Company: cash of $475; land of $2,625; notes payable of $775; and common stock of $1,705. Required a. Determine the amount of retained earnings as of January 1, Year 2. b. After looking at the amount of retained earnings, the chief executive officer (CEO) wants to pay a $575 cash dividend to the stockholders. Can the company pay this dividend? c. As of January 1, Year 2, what percentage of the assets were acquired from creditors? d. As of January 1, Year 2, what percentage of the assets were acquired from investors? e. As of January 1, Year 2, what percentage of the assets were acquired from retained earnings? f. Create an accounting equation using percentages instead of dollar amounts on the right side of the equation. g. During Year 2, Carter Company earned cash revenue of $720, paid cash expenses of $410, and paid a cash dividend of $61. (Hint. It is helpful to record these events under…

For each transaction, indicate the change, if any, in total assets and total equity.  If equity changes, indicate whether the change was reflected as a component of net income, or directly within the stockholders' equity portion of the balance sheet.  Remember that the change in total assets must agree with the change in total equity. How would I complete the table?

The following journal entries are found in a corporation's ledger: 11/15/17 Cash dividends 44,500 Cash dividends payable 44,500 1/15/18 Cash dividends payable 44,500 Cash 44,500 Which of the following statements is true? Select one: a. The date of record is 11/15/17. b. The date of payment is 11/15/17. c. The declaration date is 12/31/17. d. The date of payment is 1/15/18.

The right side of the balance sheet shows the firm’s liabilities and stockholders’ equity. Which of the following best describes shareholders’ equity? Equity is the sum of what the initial stockholders paid when they bought company shares and the earnings that the company has retained over the years.   Equity is the difference between the paid-in capital and retained earnings.     NOW Inc. released its annual results and financial statements. Grace is reading the summary in the business pages of today’s paper. In its annual report this year, NOW Inc. reported a net income of $136 million. Last year, the company reported a retained earnings balance of $459 million, whereas this year it increased to $540 million. How much was paid out in dividends this year? $4 million   $217 million   $55 million   $280 million

The right side of the balance sheet shows the firm’s liabilities and stockholders’ equity. Which of the following best describes shareholders’ equity? Equity is the difference between the company’s assets and retained earnings. Equity is the sum of shareholders’ capital provided by shareholders and retained earnings. NOW Inc. released its annual results and financial statements. Grace is reading the summary in the business pages of today’s paper. In its annual report this year, NOW Inc. reported a net income of $192 million. Last year, the company reported a retained earnings balance of $442 million, whereas this year it increased to $520 million. How much was paid out in dividends this year? $3 million $114 million $270 million $575 million

How would I prepare the statement of stockholder's equity?