esOn December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,390 in assets inexchange for its common stock to launch the business. On December 31, the company's records show the following itemsand amounts.Cash$ 13,210Cash dividendsAccounts receivable13,320Consulting revenueOffice supplies2,720Rent expenseOffice equipmentLand17,350Salaries expense45,910 Telephone expenseAccounts payableCommon stock7,970 Miscellaneous expenses83,390$ 1,46013,3202,9506,290830640Use the above information to prepare a December 31 balance sheet for Ernst Consulting.ERNST CONSULTINGBalance Sheet

Step 1: Preparation of income statement.ERNST CONSULTINGIncome statementFor the month ended December…

Answered: es On December 1, Jasmin Ernst…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 2CE

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ces Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,780 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 8,990 16,540 3,930 45,980 18,660 9,170 84,780 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses ERNST CONSULTING Statement of Retained Earnings Using the above information prepare an October statement of retained earnings for Ernst Consulting. $ 2,830 16,540 4,300 7,740 850 670 S
On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $83,540 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. $12,650 13,520 2,850 45,940 17,530 8,110 83,540 $ 1,570 13,520 3,110 6,490 Cash Cash dividends Accounts receivable Consulting revenue Office supplies Rent expense Salaries expense Telephone expense Miscellaneous expenses Land Office equipment Accounts payable 850 660 Common stock
1. Shown below are the account balances for Barnie Corp. for their year-end December 31, 2022: Cash $ 10,475 Accounts receivable 16,640 Inventory 98,220 Building 188,600 Accumulated amortization—building 72,600 Accounts payable 9,400 Income taxes payable 5,450 Common shares 154,525 Retained earnings, beginning 40,720 Dividends declared 7,500 Sales revenue 265,000 Cost of goods sold 143,600 Salaries and wages expense 56,900 Amortization expense 12,850 Utilities expense 3,300 Supplies expense 1,970 Income taxes expense 7,640 Required: prepare the: i) the income statement, ii) the statement of retained earnings, and iii) the classified balance sheet for Barnie Corporation.
Please help me with show all calculation thanku
Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ S
Bramble Company compiled the following financial information as of December 31, 2022: Revenues $333000 Owner’s Capital (1/1/22) 149000 Equipment 79300 Expenses 249000 Cash 89300 Owner's Drawings 19200 Supplies 15800 Accounts payable 40100 Accounts receivable 69500 Bramble’s owner’s equity on December 31, 2022 is $253900. $149000. $213800. $108900.
The following are selected account balances of Rule Corporation at the end of the current year: Debit Credit Operating Expenses $3,200 Sales Revenue $17,780 Cost of Goods Sold 8,500 Interest Expense 790 Gain on Sale of Land 590 Rule is subject to a 30% income tax rate, and shareholders own 1,200 shares of its capital stock. Required: Prepare the income statement for Rule. RULE CORPORATION Income Statement For the Year Ended December 31, Current Year Other items: Earnings per share
Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2024: Account Gibson Davis Sales $ (731,000) $ (444,000) Cost of goods sold 334,000 197,000 Operating expenses 256,000 67,000 Dividend income (12,000) 0 Net income $ (153,000) $ (180,000) Retained earnings, 1/1/24 $ (711,000) $ (487,000) Net income (153,000) (180,000) Dividends declared 60,000 20,000 Retained earnings, 12/31/24 $ (804,000) $ (647,000) Cash and receivables $ 120,000 $ 230,000 Inventory 521,000 251,000 Investment in Davis 603,000 0 Buildings (net) 590,000 614,000 Equipment (net) 410,000 444,000 Total assets $ 2,244,000 $ 1,539,000 Liabilities $ (810,000) $ (552,000) Common stock (630,000) (340,000) Retained earnings, 12/31/24 (804,000) (647,000) Total liabilities and stockholders' equity $ (2,244,000) $ (1,539,000) Gibson acquired 60 percent of Davis on April 1, 2024, for $603,000. On that date, equipment owned by Davis…
Following are the income statement and balance sheet items for Faison Corporation from the company’s books and records at the end of fiscal year-end 20x1: ($ millions) Contributed capital $1,702 Cost of sales 13,567 Cash 1,393 Long-term liabilities 3,719 Accounts receivable 2,662 Other current assets 604 Other long-term assets 2,079 Other current liabilities 1,299 Other operating expenses 1,212 Other non-operating expenses 161 Inventory 1,093 Accounts payable 2,595 Property, net 3,216 Retained earnings 1,209 Sales 16,463 Tax expense 256 Equity income, net of tax 34 Other equity 523 Required: Using the information above, prepare the company’s year-end income statement and a balance sheet.
Following is the statement of financial position of Crane Industries, Ltd., as at December 31, 2023: Cash Accounts receivable Inventory Land Plant and equipment (net) Current liabilities Warranty liability Common shares Retained earnings Book Value Amount of goodwill $ $54,200 279,600 188,500 103,200 768,100 $1,393,600 $136,700 99,300 663,900 493,700 $1,393,600 Fair Value $54,200 284,900 179,800 129,000 895,400 136,700 131,400 The following day (January 1, 2024), Crane was purchased by Ivanhoe Enterprises Inc. for a lump-sum cash payment of $1.3 million. Calculate the amount of goodwill acquired by Ivanhoe this transaction.
Waddle company had the following balances in its accounting records as of December 31st, year 1.
The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated Balance Sheet December 31 Assets Current assets: Cash $ 23,000 Accounts receivable, net 200,000 Merchandise inventory 340,000 Prepaid expenses 8,000 Total current assets 571,000 Property and equipment, net 910,000 Total assets $ 1,481,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $240,000 Bonds payable, 8% 310,000 Total liabilities 550,000 Stockholders' equity: Common stock, $10 par value $ 160,000 Retained earnings 771,000 Total stockholders' equity 931,000 Total liabilities and stockholders' equity $ 1,481,000 Castile Products, Incorporated Income Statement For the Year Ended December 31 Sales $ 3,325,000 Cost of goods sold 1,067,500 Gross margin 2,257,500 Selling and administrative expenses 610,000 Net operating income 1,647,500 Interest expense 24,800 Net income before taxes 1,622,700 Income taxes (30%) 486,810 Net income $ 1,135,890 Account…

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