Reference no: EM132833859

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

Problem 1: 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.

Problem 2: Prepare a income statement for each year accounting period

Problem 3: Prepare a statement of cash flows for each accounting period