Ramirez Company experienced the following events during 2015:
1.Acquired $50,000 cash by issuing common stock
2.Borrowed $25,000 cash from a creditor
3.Provided services to customers for $38,000 cash
4.Paid $32,000 cash for operating expenses
5.Paid a cash dividend of $2,500 to stockholders
6.Purchased land with cash,$30,000
Required:
a)Show how each of these events affects the accounting equation.Precede the amount with a minus sign if the event reduces that section of the equation.Enter NA for items not affected.
The first event is done as an example.
b)Calculate the total amount of assets,liabilities,common stock,and retained earnings at the end of the period.

Question

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The Answer of Ramirez Company experienced the following events during 2015:
1.Acquired $50,000 cash by issuing common stock
2.Borrowed $25,000 cash from a creditor
3.Provided services to customers for $38,000 cash
4.Paid $32,000 cash for operating expenses
5.Paid a cash dividend of $2,500 to stockholders
6.Purchased land with cash,$30,000
Required:
a)Show how each of these events affects the accounting equation.Precede the amount with a minus sign if the event reduces that section of the equation.Enter NA for items not affected.
The first event is done as an example.
b)Calculate the total amount of assets,liabilities,common stock,and retained earnings at the end of the period.

Ramirez Company Experienced the Following Events During 2015