Based on the following transactions, complete the table shown below.2:0a. The business issued shares to shareholders for $100,000.b. Performed consulting services today and collected $100.C. A client rented equipment for $1,300 cash.pred. Holden Corp. purchased new equipment by paying $2,500 cash.e. One of Holden Corp.'s clients rented equipment today for $1,500 on credit.f. Holden Corp. purchased $2,250 of equipment on credit.g. Holden Corp. performed consulting services for a customer and received $5,000.h. Furniture was rented by a customer for $1,400 on credit.i. Holden Corp. used credit to purchase $3,250 of equipment.j. Holden Corp. paid dividends of $1,600 to the shareholders.re:prere:To complete the table shown below, identify the headings for each column by clicking on theappropriate cell and making a selection. Use additions (+ sign) and subtractions (- sign) to showre:the transactions' effects on the elements of the equation. Show new totals after each transaction(no + or- sign is required for totals). Also indicate next to each change in equity (in the explanationre:column) whether it was caused by the issuance of share capital (investment), a revenue, anexpense or payment of dividends. Identify revenues and expenses by name. If a transaction doesnot affect equity, no explanation is required.2:0 Do not leave any balances blank, unless the balance is zero.Assets= LiabilitiesEquity+Share Capital+Retained EarningsExplanation2:0(a)(b)Bal.pre:(c)Del

The accounting equation states that assets equal to sum of liabilities and equity.

Answered: ased on the following transactions,…

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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[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 12,040 13,720 2,990 17,710 45,940 8,230 83,660 ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 $ Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. 0 0 $ 1,760 13,720 0 3,210 6,690 870 680
! Required information Use the following information for Exercises 13-14 below. (Algo) [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $17,750 cash in the company in exchange for common stock. b. The company purchased supplies for $515 cash. c. The company purchased $9,816 of equipment on credit. d. The company received $2,095 cash for services provided to a customer. e. The company paid $9,816 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,763 for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $1,580 cash as partial payment for the account receivable created in transaction f i. The company paid a $1,200 cash dividend to the owner (sole shareholder). Exercise 2-14 (Algo) Preparing a trial balance LO P1 Prepare the Trial Balance. Use May 31 as its report date. Note: Hint: Accounts…
Warren Enterprises had the following events during Year 1: The business issued $26,000 of common stock to its stockholders. The business purchased land for $18,000 cash. Services were provided to customers for $22,000 cash. Services were provided to customers for $11,000 on account. The company borrowed $22,000 from the bank. Operating expenses of $18,000 were incurred and paid in cash. Salary expense of $1,400 was accrued. A dividend of $10,000 was paid to the stockholders of Warren Enterprises. Assuming the company began operations during Year 1, what is the amount of retained earnings as of December 31, Year 1?
You are the bookkeeper for Harley Inc., a newly formed corporation. Harley had the following transactions for their business: * Four shareholders contributed $40,000 ($10,000 each) in exchange for Harley common stock. * Harley purchased inventory for $5,000. Harley received an invoice for the inventory that is due in 30 days. What are the effects on Harley's accounting equation? A B D Based on the two transactions, Assets increased by $40,000, Liabilities decreased by $5,000 and Shareholder Equity increased by $45,000. Based on the two transactions, Assets increased by $45,000, Liabilities increased by $5,000 and Shareholder Equity increased by $40,000. C Based on the two transactions, Assets increased by $15,000, Liabilities increased by $5,000 and Shareholder Equity increased by $10,000. Based on the two transactions, Assets increased by $35,000, Liabilities decreased by $5,000 and Shareholder Equity increased by $40,000.
mework i Baird Company began operations on January 1, Year 1, by issuing common stock for $34,000 cash. During Year 1, Baird received $53,100 cash from revenue and incurred costs that required $38,100 of cash payments. Problem 10-26A (Algo) Part b Prepare a GAAP-based income statement and balance sheet for Baird Company for Year 1, under the following independent scenario: b. Baird is in the car rental business. The $38,100 was paid to purchase automobiles. The automobiles were purchased on January 1, Year 1, and have three-year useful lives, with no expected salvage value. Baird uses straight-line depreciation. The revenue was generated by leasing the automobiles. Complete this question by entering your answer in the tabs below. Income Statement 2 Prepare an Income Statement. W Balance Sheet S BAIRD COMPANY Income Statement for Year 1 7 3 E D 4 $ $ R D F 0 0 % 5 * 8 J 1 ( 9 K O 0 L P Help >
Selected transactions for Concord Corporation during its first month in business are presented below. Sept. 1 Issued common stock in exchange for $18,200 cash received from investors. 5 Purchased equipment for $8,670, paying $2,550 in cash and the balance on account. 8 Performed services on account for $19,700. 14 Paid salaries of $2,900. 25 Paid $2,900 cash on balance owed for equipment. 30 Paid $520 cash dividend. Complete a tabular analysis of the September transactions. For transactions affecting stockholders’ equity, provide explanations in the far right column. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example.)
Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 in assets in exchange for its common stock to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 10,200 Cash dividends $ 2,340 Accounts receivable 15,200 Consulting revenue 15,200 Office supplies 3,550 Rent expense 3,910 Office equipment 18,310 Salaries expense 7,350 Land 45,990 Telephone expense 790 Accounts payable 8,740 Miscellaneous expenses 610 Common stock 84,310 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
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Presented below are a number of economic events. 1. Purchased supplies on account, $200. 2. Provided a service on account, $560. 3. Paid salaries expense, $340. 4. Issued common shares in exchange for cash, $7,000. 5. Declared and paid $140 of dividends to shareholders. 6. Received cash from a customer who had previously been billed for services provided, $560 (see item 2). 7. Paid account owed to supplier on account, $200 (see item 1). 8. Paid for insurance in advance, $180. 9. Received cash in advance from a customer for services to be performed in the future, $350. 10. Performed the service that the customer previously paid for (see item 9). Journalize the transactions given above for Crane Corp. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.
Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $45,000. 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7. Paid $10,000 cash to reduce the principal balance of the bank note. 8. Paid $53,000 cash to purchase land. 9. Determined that the market value of the land is $75,000. e. Determine the net cash flows from operating activities, investing activities, and financing activities that Maben would report on the Year 1 statement of cash flows. Note: Enter cash outflows as negative amounts. Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activities

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