Mijka Company was started on January 1, 2018. During 2018, the company experienced the following three accounting...

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Accounting

Mijka Company wasstarted on January 1, 2018. During 2018, the company experiencedthe following three accounting events: (1) earned cash revenues of$31,600, (2) paid cash expenses of $14,200, and (3) paid a $2,500cash dividend to its stockholders. These were the only events thataffected the company during 2018.
Required
Record the effects ofeach accounting event under the appropriate general ledger accountheadings.
Prepare an incomestatement, statement of changes in stockholders’ equity, and abalance sheet dated December 31, 2018, for Mijka Company.
Complete thisquestion by entering your answers in the tabs below.
Req A
MIJKACOMPANY
Accounting Equation for 2018
Event Assets = Liabilities + Stockholders’ Equity
Cash = + CommonStock + RetainedEarnings
1. = + +
2. = + +
3. = + +
Ending balance
Prepare an incomestatement dated December 31, 2018, for Mijka Company.
MIJKA COMPANY
Income Statement
For the Year Ended December 31, 2018
Prepare a statement ofchanges in stockholders’ equity dated December 31, 2018, for MijkaCompany.
MIJKACOMPANY
Statement ofChanges in Stockholders’ Equity
For the YearEnded December 31, 2018
Beginningcommon stock
Plus: Commonstock issued
Ending commonstock
Beginningretained earnings
Endingretained earnings
Total stockholders’ equity
Prepare a balancesheet dated December 31, 2018, for Mijka Company.
MIJKACOMPANY
BalanceSheet
As ofDecember 31, 2018
Assets
Totalassets
Liabilities
Stockholders’equity
Common stock
Totalstockholders’ equity
Total liabilities and stockholders’ equity
Typewritten answers, please, no handwritten answers. Thankyou.

Answer & Explanation Solved by verified expert

3.7 Ratings (484 Votes)


		Accounting Equation

Event	Assets	=	Liabilities	+	Stockholder's Equity
	Cash	=		+	Common	+	Retained
					Stock.		Earnings
1	31,600	=					31,600
2	-14,200	=					-14,200
3	-2,500	=					-2,500
End bal	14,900						14,900


		Income Statement
	Revenue				31,600
	less Expenses				14,200
	net income				17,400


	Statement of Changes in Stockholder's Equity
	Beginning Common Stock					0
	Plus:Common stock issued					0
	Ending Common stock					0

	Beginning Retained earnings					0
	Add:Net income					17,400
	less:dividends					2,500
	Ending retained earnings					14,900
	Total Stockholder's Equity					14,900


	Balance Sheet
	Assets:
	Cash				14,900
	Total Assets					14,900

	Liabilties
	Stockholders Equity
	common Stock				0
	Retained earnings				14,900
	Total stockholders Equity					14,900
	Total liabilities & Stockholders Equity					14,900

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Transcribed Image Text

Mijka Company wasstarted on January 1, 2018. During 2018, the company experiencedthe following three accounting events: (1) earned cash revenues of$31,600, (2) paid cash expenses of $14,200, and (3) paid a $2,500cash dividend to its stockholders. These were the only events thataffected the company during 2018.RequiredRecord the effects ofeach accounting event under the appropriate general ledger accountheadings.Prepare an incomestatement, statement of changes in stockholders’ equity, and abalance sheet dated December 31, 2018, for Mijka Company.Complete thisquestion by entering your answers in the tabs below.Req AMIJKACOMPANYAccounting Equation for 2018EventAssets=Liabilities+Stockholders’ EquityCash=+CommonStock+RetainedEarnings1.=++2.=++3.=++Ending balancePrepare an incomestatement dated December 31, 2018, for Mijka Company.MIJKA COMPANYIncome StatementFor the Year Ended December 31, 2018Prepare a statement ofchanges in stockholders’ equity dated December 31, 2018, for MijkaCompany.MIJKACOMPANYStatement ofChanges in Stockholders’ EquityFor the YearEnded December 31, 2018Beginningcommon stockPlus: Commonstock issuedEnding commonstockBeginningretained earningsEndingretained earningsTotal stockholders’ equityPrepare a balancesheet dated December 31, 2018, for Mijka Company.MIJKACOMPANYBalanceSheetAs ofDecember 31, 2018AssetsTotalassetsLiabilitiesStockholders’equityCommon stockTotalstockholders’ equityTotal liabilities and stockholders’ equityTypewritten answers, please, no handwritten answers. Thankyou.