Accountant/ owner of Quick Renovations, C. Cloud leave town to inspect a job site.He asked his cousin, Joseph Jordan, to prepare Quick Renovations' December 31,2018 balance sheet. His cousin had no education of accounting, but did know thatthe balance sheet had to balance, so, in order to accomplish this, he had to use aplugged figure for owner's equity. The other accounts have the correct balances, butthe totals may not be right.AssetsCashSuppliesBuildingLandSalary ExpenseAccounts PayableRent ExpenseTotal AssetsQuick RenovationsBalance SheetDecember 31, 20182,0004,50085,000120,00080,00025,00012,000328,500LiabilitiesService RevenueMortgage PayableAccounts ReceivableTotal Liabilities200,00065,00016,000281,000Owner's EquityC. Cloud, Capital47,500Total Liabilities & Owner's Equity 328,500Question:Make the correct December 31, 2018 balance sheet for Quick Renovations.

Balance sheet is the financial statement that records all the assets, liabilities and stockholders'…

Answered: Accountant / owner of Quick…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Delia Alvarez, the owner of Delia's Lawn Service, wants to borrow money to buy new lawn equipment. A local bank has asked for financial statements. Alvarez has asked you to prepare financial statements for the year ended December 31. You have been given the unadjusted trial balance on page 175, and you suspect that Alvarez expects you to base your statements on this information. You are concerned, however, that some of the account balances may need to be adjusted. In your post, write how you would explain to Alvarez what additional information you need before preparing the financial statements. Alvarez is not familiar with accounting issues. Therefore, explain why you need this information, the potential impact of this information on the financial statements, and the importance of making these adjustments before approaching the bank for a loan.
Balance sheet practice ADVANCED: Sally's Sandwiches is a family run business. They don't have a lot of experience in finance and they hoped to save money by not hiring a professional. Their cousin Lin complied the information, but realized it was too hard to make the balance sheet. Using the information below, create a balance sheet for them so that they don't have to hire someone. Information for Sally's Sandwiches as at 28 February 2022 Trade creditors Non-current assets. Sales revenue Cash Overdraft Cost of good sold Borrowings- long-term Debtors Interest Share capital Short term loans 10 150 45 7 5 13 Expenses Dividends Stock 62 20 15 63 21 34 11 12 Accumulated retained profits 28
Everett Photography specializes in engagements and weddings, reunions, and family portraits. Everett is reviewing the following analysis of events provided by his accountant, but he cannot understand this analysis. Describe the events for Everett. Example - A. Everett bought $2,000 of photo supplies on account. Photo supplies debit, $2,000 Accounts payable credit, $2,000 Cash debit, $500. Unearned revenue credit, $500 Equipment debit, $5,000 Note payable, $5,000 Cash debit, $850 Revenue credit, $850 Accounts payable debit, $400 Cash credit, $400 Unearned revenue debit, $500 Revenue credit, $500 Accounts receivable debit, $2,500 Revenue credit, $2,500 Notes payable debit, $200 Cash credit, $200 Expense debit, $1,500 Photo supplies credit, $1,500
On June 1 2010 HASF organized a business called friends with a truck for the purpose of operating an equipment rental yard. The new business was able to begin operations immediately by purchasing the assets and taking over the location of rent all an equipment rental company that was going out of business The company closes accounts and prepares financial statements at the end of each month during June the company entered into the following transactions June 1 HASF deposited $250,000 cash in a bank account in the name of the business, Friend With A Truck. June 1 Purchased for $240,000 all the equipment formerly owned by Rent-All. Paid $100,000 cash and issued a one-year note payable for $140,000 June 1 Paid $100,000 to Morrison Realty as four months advance rent on the rental yard and office formerly occupied by Rent-All. June 3 received $12,000 cash as advance payment on equipment rental from McBryan…
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Hi! My name is Jessica and I have a income chart I need to fill out but... I don't know where to put anything and I feel like some things are out of place because it isn't balanced. Can you help me?
Putting the final touches on the paperwork for Drano Plumbing was Damon Davis. The net profit, he thought, would be $50,000. He added up the columns on the balance sheet and discovered that the credit column was worth $30,000 and the debit column was $400,000, respectively. What was the most probable cause of the inconsistent results? What should he do to determine the issue's origin if this wasn't the cause of the issue?
1. Using the problem above, how much is the cash investment of PA RIN? 2. Using the same problem, how much is the total assets?
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Use Redlands’ 2017 balance sheet from Exhibit 2-1 in your Bergevin and MacQueen textbook as the starting point for this problem. Assume that Redlands had the following transactions in 2018: Borrowed $80 in cash from a bank at the beginning of 2018. Received $50 cash from the 2017 consulting engagement. Paid $30 cash for the 2017 operating expenses. Earned $60 in consulting revenue for 2018—collected one-half of the revenue in cash. Incurred $35 of operating expenses in 2018—paid $20 of the operating expenses in cash. Recorded 2018 depreciation expense of $15 on the equipment purchased in 2017. Paid $8 of interest for the $80 cash borrowed at the beginning of 2018. Record the transactions in the general journal.

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