The following events occurred for Ringgold Company during 2015,its first year in operation:
1.Issued stock to investors for $45,000 cash
2.Borrowed $25,000 cash from the local bank
3.Provided services to its customers and received $32,000 cash
4.Paid expenses of $28,000
5.Paid $22,000 cash for land
6.Paid dividend of $12,000 to stockholders
7.Repaid $10,000 of the loan listed in item 2
Required:
Show the effects of the above transactions on the accounting equation,below.Include dollar amounts of increases and decreases.Precede the amount with a minus sign if the event reduces that section of the equation.Enter NA for items not affected.If one section is affected by an increase and also a decrease,enter each part on a separate line.
The first event is done for you.After entering all the events,calculate the total amounts of assets,liabilities,and equity at the end of the year.

Question

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The Answer of The following events occurred for Ringgold Company during 2015,its first year in operation:
1.Issued stock to investors for $45,000 cash
2.Borrowed $25,000 cash from the local bank
3.Provided services to its customers and received $32,000 cash
4.Paid expenses of $28,000
5.Paid $22,000 cash for land
6.Paid dividend of $12,000 to stockholders
7.Repaid $10,000 of the loan listed in item 2
Required:
Show the effects of the above transactions on the accounting equation,below.Include dollar amounts of increases and decreases.Precede the amount with a minus sign if the event reduces that section of the equation.Enter NA for items not affected.If one section is affected by an increase and also a decrease,enter each part on a separate line.
The first event is done for you.After entering all the events,calculate the total amounts of assets,liabilities,and equity at the end of the year.

The Following Events Occurred for Ringgold Company During 2015,its First