Reference no: EM132910297

Question - Mark's Consulting experienced the following transactions for 2018, it's first year of operations and 2019. Assume that all transactions involved the receipt or payment of cash.

Transactions for 2018

Acquired $60,000 by issuing common stock

Received $110,000 cash for providing services to customers

Borrowed $17,000 cash from creditors

Paid expenses amounting to $58,000

Purchased Land for $30,000 cash

Transactions for 2019

Beginning account Balances for 2019 are

Cash $99,000

Land 30,000

Notes Payable 17,000

Common stock 60,000

Retained earnings 52,000

Acquired an additional $22,000 from the issue of common stock

Received $132000 for providing services

Paid $12,000 to creditors to reduce loan

Paid expenses of $73,000

Paid a $14,000 dividend to the stockholders

Determined that the Market Value of the Land is $40,000

Record the affects of each accounting event under the appropriate headings for each year. Record the amounts of revenue, expense, and dividends in the Retained Earnings Column. Provide appropriate titles for these accounts in the last column of the table.

Prepare an income statement for each year accounting period.

Prepare a statement of cash flows for each accounting period.