Preparing a statement of owner's equity and a balance sheetBALANCE SHEETACCOUNT TITLEDEBITCREDIT26500020000250001300035 000|29000Cash| Petty CashAccounts Receivable-Sunshine CaféAccounts Receivable-Dependable CleanersSuppliesPrepaid Insurance- Accounts Payable-Computer Supplies Co.Accounts Payable-Westside SuppliesEva Nelsen, Capital10 Eva Nelsen, Drawing34000 -1200039500015000010537000 44|1000 2096000513|기0100| 5|3|기010022021 Net Income22On your own 7-2Preparing a statement of owner's equity and a balance sheetA partial work sheet of A-1 Computer Repair for the month endedOctober 31 of the current year is given in the Working Papers. Alsogiven is a blank form for completing a balance sheet. Work this problemindependently.1. Prepare a statement of owner's equity for the month ended October 31 ofthe current year.2. Prepare a balance sheet for October 31 of the current year.

The shareholders equity details about the capital and drawings of owners. The balance sheet details…

BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT Cash 265 olo0 Petty Cash Accounts Receivable-Sunshine Café Accounts Receivable–Dependable Cleaners 20000 25000 13000 35 000 29000 Supplies Prepaid Insurance Accounts Payable-Computer Supplies Co. Accounts Payable–Westside Supplies Eva Nelsen, Capital Eva Nelsen, Drawing 34000 12000. 395000. 150000 537000 44|1000 96|000 5|3|기0100| 5|3|기010012 Net Income

BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT Cash 265 olo0 Petty Cash Accounts Receivable-Sunshine Café Accounts Receivable–Dependable Cleaners 20000 25000 13000 35 000 29000 Supplies Prepaid Insurance Accounts Payable-Computer Supplies Co. Accounts Payable–Westside Supplies Eva Nelsen, Capital Eva Nelsen, Drawing 34000 12000. 395000. 150000 537000 44|1000 96|000 5|3|기0100| 5|3|기010012 Net Income

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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Please see attached docs. CHART OF ACCOUNTSASSETS110 Cash111 Petty Cash121 Accounts Receivable122 Allowance for Doubtful Accounts126 Interest Receivable127 Notes Receivable131 Merchandise Inventory141 Office Supplies142 Store Supplies151 Prepaid Insurance191 Land192 Store Equipment193 Accumulated Depreciation-Store Equipment194 Office Equipment195 Accumulated Depreciation-Office EquipmentLIABILITIES210 Accounts Payable221 Salaries Payable231 Sales Tax Payable232 Interest Payable241 Notes Payable251 Bonds Payable252 Discount on Bonds Payable253 Premium on Bonds PayableEQUITY311 Common Stock312 Paid-In Capital in Excess of Par-Common Stock315 Treasury Stock321 Preferred Stock322 Paid-In Capital in Excess of Par-Preferred Stock331 Paid-In Capital from Sale of Treasury Stock340 Retained Earnings351 Cash Dividends352 Stock DividendsREVENUE410 Sales610 Interest Revenue611 Gain on Redemption of BondsEXPENSES510 Cost of Merchandise Sold515 Credit Card Expense516 Cash Short and Over521 Sales…
Multiple choice
Details Debit Credit General expenses 11700 cash 5100 Salaries 9300 rent 1560 Account Payable 3575 Other income 2500 Net sales 150060 Cost of goods sold 99700 calculate net profit Select one: a.RO 34775 b. RO 30300 c. correct answer not available d.RO 31200 e.RO 39815
From the vendors perspective what are two T accounts? What two accounts are affected for the vendor?
can somebody explain what goes on the account line, and whether or not i should debit or credit the items. Thank you
What is the journal entry to replenish the petty cash fund if expenses were Auto Expenses $75, Office Expenses $25, Postage $11. and cash on hand is $389. The Petty Cash fund started with $500. Edit View Insert Format Tools Table |BIUAv eu Ti v|: 12pt v Paragraph v hp 16 fa 19 ho 144 IOI 4 00
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2. Which of the following on a Balance Sheet would cause concern for you? Use the sample Balance Sheet provided Notes & Comments Current Assets 10350 Bank Chequing $75,992 10857 Visa Credit Card -$226 12000 Accounts Receivable $21,296 13500 Inventory Assets $27,791 14990 Hold Backs -$275 Total Current Assets $124,578 Liabilities & Equity 20000 Accounts Payable $22,063 22100 Unapplied Cash $8,716 29300 Shareholder Loan $24,410 35600 Retained Earnings $52,416 Net Icome (Current Year) $16,873 Total Liabilities & Equity $124,478
Required Prepare the CASH RECEIPTS JOURNAL Prepare the CASH DISBURSEMENTS JOURNAL
CHART OF ACCOUNTS Norwegian Medical Co. General Ledger C. e. 110 Cash f. 111 Petty Cash 1. ASSETS 120 Accounts Receivable 131 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 211 Accounts Payable-Universal Supply Co. 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY Owner, Capital 311 Owner, Drawing REVENUE 410 Sales 610 Interest Revenue 510 The cash account for Norwegian Medical Co. at April 30 indicated a balance of $93,115. The bank statement indicated a balance of $125,800 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $30,060. Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 520…
b Preview File Edit View Go Tools Window Help mgt120h-a17.pdf Page 5 of 10 15. The retailer considers VISA and MasterCard sales as a. Cash sales. b. Promissory notes. c. Credit sales. d. Contingent sales. Cost-Volume-Profit Analysis 40 14. Receivables might be sold to a. Lengthen the cash-to-cash operating cycle. b. Take advantage of deep discounts on the cash realizable value of receivables. c. Generate cash quickly. d. Finance companies at an amount greater than cash realizable value. The Effect Of Prepaid Taxes On Assets And Liabili... O Debenture Valuation CC 7 D ↑ V Search (Cª Ơ Sat Apr 15 3:05 PM 13. Goodwill can be recorded When customers keep returning because they b. When the company ang because they are satisfied with the company's products. d. Only when there is an exchange transaction involving the purchase of an entire business. c. When the company has exceptional mor business 400-0 -0 =1 Page 4 of 11