Write an accounting equation, and record the effects of each accounting event

Write an accounting equation, and record the effects of each accounting event

Write an accounting equation, and record the effects 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.

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b. Prepare an income statement, statement of changes in stockholders’ equity, year-end balance sheet, and statement of cash flows for each year.

c. Determine the amount of cash that is in the retained earnings account at the end of 2012 and 2013.

d. Examine the balance sheets for the two years. How did assets change from 2012 to 2013?

e. Determine the balance in the Retained Earnings account immediately after Event 2 in 2012 and in 2013 are recorded.

Problem 2-32

The following information was drawn from the records of Paso & Associates at December 31, 2012.

Use the preceding information to construct an income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows. (Show only totals for each activity on the statement of cash flows.) (Edmonds. Survey of Accounting. 2012)