The following events occurred for Ringgold Company during Year 1, its first year of operations:1. Issued stock to investors for $45,000 cash2. Borrowed $25,000 cash from the local bank3. Provided services to its customers and received $32,000 cash4. Paid expenses of $28,0005. Paid $22,000 cash for land6. Paid dividend of $12,000 to stockholders7. Repaid $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. 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.Event numberAssets=Liabilities+Equity1.45,000?NA?45,0002.?????3.?????4.?????5.?????6.?????7.?????Total?????
What will be an ideal response?
| Event number | Assets | = | Liabilities | + | Equity |
| 1. | 45,000 | ? | NA | ? | 45,000 |
| 2. | 25,000 | ? | 25,000 | ? | NA |
| 3. | 32,000 | ? | NA | ? | 32,000 |
| 4. | (28,000) | ? | NA | ? | (28,000) |
| 5. | 22,000 | ? | NA | ? | NA |
| ? | (22,000) | ? | NA | ? | NA |
| 6. | (12,000) | ? | NA | ? | (12,000) |
| 7. | (10,000) | ? | (10,000) | ? | NA |
| Total | 52,000 | ? | 15,000 | ? | 37,000 |
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