The Following Events Occurred for Ringgold Company During Year 1

question 194

Essay

The following events occurred for Ringgold Company during Year 1, its first year of operations:Issued stock to investors for $45,000 cashBorrowed $25,000 cash from the local bankProvided services to its customers and received $32,000 cashPaid expenses of $28,000Paid $22,000 cash for landPaid dividend of $12,000 to stockholdersRepaid $10,000 of the loan listed in item 2Required:Show the effects of the above transactions on the accounting equation, below. Include dollar amounts of increases and decreases. 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 stockholders' equity at the end of the year.
$\begin{array}{lrrrr}\text { Event number } & \text { Assets } & = & \text { Liabilities } & \text { SH Equity } \\1 . & 45,000 && \text { NA } & 45,000\\2.\\3.\\4.\\5.\\6.\\7.\\\text{Total}\end{array}$

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Definitions:

Sperm Cells

Sperm cells are male reproductive cells responsible for fertilizing female egg cells to initiate pregnancy.

Chromosomes

Thread-like structures located in the nucleus of animal and plant cells, made of DNA and protein, containing genes.

Meiosis I

The first division of meiosis, a type of cell division that reduces the chromosome number by half and leads to the production of gametes or spores.

Meiosis II

The second division phase in meiosis, following Meiosis I, where sister chromatids are separated, resulting in four haploid cells.