At June 1, Mountain Lodge Inc. reported owner's capital of $215,000. During the month, Mountain Lodge generated revenues of $62,000, incurred expenses of $37,000, purchased furniture for $8,500, and withdrew cash of $4,500. What is the amount of owner's capital at June 30?
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- Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.As aof July 1, Roberto Corporation had total assets of $165,000. During July, the company made the following transcations:Generated Revenues of $60,000 of which 30% were in cash and remainder on Acct. Rec. Incurred total expenses of $40,000 40% of which were paid Collected receivables of $15,000 from previous periods.After these transactions have been recorded, Roberto would have totalassets of:a. $167,000b. $182,000c. $209,000d. $185,000During its first year of operations, Cooper Company bills credit customers $19,800 for services rendered. During the year, Cooper receives $16,500 from all customers, $3,700 of which is received from cash customers. Required: What amount of revenue should be shown on the income statement for the year?
- At the end of its first year of operations, FDNACCT reported net income of P150,000. Assets at year-end are as follows: Cash P25,000 Office Supplies 15,000 Equipment 150,000 Accounts Receivable 30,000 Total Assets P220,000 Initial investment was P55,000 and the owner's personal withdrawal amounted P10,000. Ending balance of Owner's Equity is P198,000. How much is the total liabilities of the business at year-end?At the beginning of April, Warren Corporation's assets totaled $247,000 and liabilities totaled $67,000. During April the following summarized transactions occurred: Additional shares of stock were sold for $23,500 cash. A building costing $102,000 was purchased using $13,500 cash and by signing an $88,500 long-term note payable. Short-term investments costing $9,700 were purchased using cash. $10,700 was paid to an employee as a loan; the employee signed a six-month note in exchange for the loan. How much are Warren's total assets at the end of April?The capital accounts of Angel Alvarez and Emma Allison have balances of $44,880 and $71,910, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $7,750. During the year, Alvarez and Allison withdrew $30,730 and $38,870, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. Required: A. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts on December 31. B. Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison.
- At the beginning of October, Ingram Company's assets totaled $288.300 and abilities totaled $72,300. During October the following summarized transactions occurred. Additional shares of stock were sold for $24,3000 cash A building costing $114,600 was purchased using $12.300 cash and by signing $102,300 long term note payable. Short-term investments costing $11,100 were purchased using cash $12.300 was paid to an employee as a loan, the employee signed a sox-month note in exchange for the loan. How much are Ingram's total assets at the end of October? Multiple Choice $299,400 $414.900 $300,600 $402,600The capital accounts of Angel Alvarez and Emma Allison have balances of $47,000 and $73,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $8,000. During the year, Alvarez and Allison withdrew $32,000 and $39,000, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no referenceto the division of net income.a. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts.b. Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison.The capital accounts of Angel Alvarez and Emma Allison have balances of $47,000 and $73,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $8,000. During the year, Alvarez and Allison withdrew $32,000 and $39,000, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. -Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.
- At December 31, Marker reported the following items: cash, $8,200; inventory, $3,700; accounts payable, $6,300; accounts receivable, $3,900; common shares, $5,900; property, plant, and equipment, $10,000; interest payable, $1,400; retained earnings, $12,200. What is the total of Marker's current assets? a.$15,800 b.$10,100 c.$25,800 d.$16,000PUG company's revenue for March isAn analysis of the transactions of Rutherford Company for the year ended December 31, yieldsthe following information: sales revenue, $65,000; insurance expense, $4,300; interest income,$3,900; cost of goods sold, $28,800; and loss on disposal of property, plant, and equipment,$1,200.Required:Prepare a single-step income statement.