Current Attempt in ProgressThe following information is related to the sole proprietorship of Carol Garcia, attorney.Legal service revenue-2022$331,000Total expenses-2022218,000Assets, January 1, 2022Liabilities, January 1, 2022Assets, December 31, 2022Liabilities, December 31, 2022Drawings-2022V:91,000e Textbook and Media60,000170,000107,000Prepare the 2022 owner's equity statement for Carol Garcia's legal practice. (List items that increase owner's equity first.)CAROL GARCIA, ATTORNEYOwner's Equity StatementFor the Year Ended December 31, 2022?Save for Later Last saved 1 second ago.$Attempts: 0 of 5 used Subr

A financial statement called an owner's equity statement, also known as a statement of owner's…

Current Attempt in Progress The following information is related to the sole proprietorship of Carol Garcia, attorney. Legal service revenue-2022 $331,000 Total expenses-2022 218,000 Assets, January 1, 2022 Liabilities, January 1, 2022 Assets, December 31, 2022 Liabilities, December 31, 2022 Drawings-2022 91,000 V: 60,000 170,000 107,000 ? Prepare the 2022 owner's equity statement for Carol Garcia's legal practice. (List items that increase owner's equity fil CAROL GARCIA, ATTORNEY Owner's Equity Statement For the Year Ended December 31, 2022

Current Attempt in Progress The following information is related to the sole proprietorship of Carol Garcia, attorney. Legal service revenue-2022 $331,000 Total expenses-2022 218,000 Assets, January 1, 2022 Liabilities, January 1, 2022 Assets, December 31, 2022 Liabilities, December 31, 2022 Drawings-2022 91,000 V: 60,000 170,000 107,000 ? Prepare the 2022 owner's equity statement for Carol Garcia's legal practice. (List items that increase owner's equity fil CAROL GARCIA, ATTORNEY Owner's Equity Statement For the Year Ended December 31, 2022

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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Instructions Instructions Chart of Accounts General Journal Gavin invested $42,000 in the Jason and Kelly Partnership for ownership equity of $42,000. Prior to the investment, land was revalued to a market value of $412,000 from a book value of $211,000 Jason and Kelly share net income in a 1:2 ratio. Required: a. Provide the journal entry for the revaluation of land. b. Provide the journal entry to admit Gavin." *Refer to the Chart of Accounts for exact wording of account titles.
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Current Attempt in Progress For Pharoah Co., beginning capital balances on January 1, 2022, are Nancy Payne $23,300 and Ann Dody $22,500. During the year, drawings were Payne $7,600 and Dody $5,700. Net income was $31,800, and the partners share income equally. (a) (b) Prepare the owners' equity section of the balance sheet at December 31, 2022. eTextbook and Media PHAROAH CO. Partial Balance Sheet December 31, 2022
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I - PROBLEM SOLVING: Eugene and Alfred are partners in their Ghost Fighting business. Alfred is the managing partner. As of December 2020, their capital account showed the following: Eugene Capital_ 45000 300000 1-Jan Alfred Capital 90000450000 1-Jan 1-Jul -Apr 1-Dec 30000 30000 1-Apr 1-Dec 105000 150000 1-Jun 105000 1-Nov 195000 1-0ct 75000 435000 195000 795000| CASE I: Assuming the partnership earned a net profit of P360,000. CASE II: Assuming the partnership incurred a net los of P60,000 Required: On your answer sheet (yellow pad), using the following agreements, distribute the profit and losses in Case I & II to Eugene & Alfred. Make a journal entry after your computation. 1) Equally 2:4 ratio to Eugene and Alfred, respectively 3) 2) 4) 5) 6) Based on average capital balances 60%:40% ratio respectively Based on beginning capital balances Based on ending capital balances Using Case I only, the partners agreed to divide the net profit by: a) allowing 10% interest on average…