Ramirez Company Experienced the Following Events During 2015

question 113

Essay

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.

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Definitions:

Gastrosplenic Vein

A blood vessel that drains blood from the stomach and spleen into the portal venous system.

Lumbar Vein

A vein that drains the posterior wall of the abdomen and the spinal cord in the lumbar region.

Ventral Thoracic Vein

A vein located in the ventral (front) part of the thorax, involved in blood circulation.

Subscapular Vein

A vein located beneath the scapula, responsible for draining blood from the shoulder and upper back areas.