Exercise 1-14 Statement of changes in equity LO6 On July 1, 2023, Academic Learning Services entered its second month of operations. On July 31, 2023, Breanne Allerie, the owner finalized the company's records that showed the following items Accounts payable Accounts receivable Cash Computer equipment Furniture Breanne Allarie, capttal, June 10, 2013 office rent expense Ouner's investeents during July 2023 Owner's withdrawals Supplies Textbook rental revenue Tutoring revenue Tutors wages expense utilities expense $ 3,050 5,100 4,700 5,100 4,500 19,000 5,600 4,300 4,100 2,120 610 7,300 1,950 990 "Hint The ending capital balance for one period is the beginning capital balance for the next period Use the above information to prepare a July statement of changes in equity for Academic Learning Services (Enter all values as positive)

Exercise 1-14 Statement of changes in equity LO6 On July 1, 2023, Academic Learning Services entered its second month of operations. On July 31, 2023, Breanne Allerie, the owner finalized the company's records that showed the following items Accounts payable Accounts receivable Cash Computer equipment Furniture Breanne Allarie, capttal, June 10, 2013 office rent expense Ouner's investeents during July 2023 Owner's withdrawals Supplies Textbook rental revenue Tutoring revenue Tutors wages expense utilities expense $ 3,050 5,100 4,700 5,100 4,500 19,000 5,600 4,300 4,100 2,120 610 7,300 1,950 990 "Hint The ending capital balance for one period is the beginning capital balance for the next period Use the above information to prepare a July statement of changes in equity for Academic Learning Services (Enter all values as positive)

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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M3 Intermediate Accounting I Assessment Indicator Project You have been hired as an accountant for the Manhattan Trading Corporation and you need to record the following transactions in the General Journal & General Ledger (T-Accounts) for October 2022. The company owns and operates a retail electronics & appliance store. The company started on October 1, 2022. 1 Manhattan Trading Inc. opened with the following stockholders: Name Investment Stock Type Mary Jenkins $ 50,000 Preferred Stock Robert Moore $ 50,000 Common Stock Nancy Lee $ 50,000 50% Preferred 50% Common Note: Common Stock Par Value $ 1.00 Preferred Stock Par Value: $ 10.00 1 Issued 150,000 shares of common stock in exchange for $400,000 cash. 2 Purchased furniture and fixtures at a cost of $40,000. $5,000 was paid in cash and a 60-day note payable was signed for the balance owed. 3 Purchased inventory on account at a cost of $350,000. The company uses the perpetual inventory system. 4 Credit sales for the month…
Question Completion Status: | Chegg.com Mail-Nyamukondiwa, Tafad... Content QUESTION 3 At the beginning of the year, long-term debt of a firm is $272 and total liabilities is $321. At the end of the year, long- term debt is $251 and total liabilities is $331. The interest paid is $17. What is the amount of the cash flow to creditors? -$38 $21 $38 -$21 $17 QUESTION 4 At the beginning of the year, a firm has current assets of $324 and current liabilities of $228. At the end of the year, the current assets are $485 and the current liabilities are $268. What is the change in net working capital? $121 $0 -$121 $201 $161
Question Content Area Given the following data: Dec. 31, Year 2 Dec. 31, Year 1 Total liabilities $128,250 $120,000 Total owner's equity 95,000 80,000 Compute the ratio of liabilities to owner's equity for each year. Round to two decimal places.
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11:09 PM Sun Aug 13 Assignment Chapter 6 Question 3 of 4 (a) Accounts receivable (net) Short-term investments Inventory Prepaid insurance Property, plant, and equipment (net) Accounts payable. Wages payable Income tax payable Sales tax payable Notes payable (due within one year). Bank loan payable (due in three years) Current ratio Quick ratio eTextbook and Media education wiley.com Save for Later 130,000 28,000 390,000 46,800 960,000 Calculate the current ratio and quick ratio for Liquid Company. (Round answers to 2 decimal places, e.g. 15.25.) 93,000 37,000 50,000 10,000 83,000 50,000 24% -/1 E 1 Attempts: 0 of 3 used Submit Answer
Retained Earnings Date May 31 Dividends Date May 31 Services Revenue Date May 31 Depreciation Expense Date May 31 PR G2 PR G2 May 31 PR G2 May 31 Required A Required B Date PR G2 Date Debit Debit Debit Debit Account Number 318 Credit Account Number 319 Credit 319: Dividends Debit Balance 83,000 Account Number 403 Credit Balance 57,000 Account Number 603 Credit Complete this questions by entering your answers in the tabs below. Balance 146,246 Credit Credit Balance 15,000 Balance 83,000 0 0 Salaries Expense Date May 31 Insurance Expense Balance Date May 31 Rent Expense Date May 31 Income Summary 57,000 Date < Prev (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date. May 31 Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date. 318: Retained Earnings…
Section I: 44 points On May 31, 2012, Deana's Services Company had account balances as follows: Accounts Payable Accounts receivable 9,900 26,950 Cash Fees earned Insurance expense Building Accumulated depreciation Land Miscellaneous expense Prepaid insurance Short-term mortgage payable Long-term mortgage payable Rent expense Salary expense Dividends Supplies Supplies expense Utilities expense Capital stock Retained earnings (beginning balance on May 1, 2012) 1,390 70,800 225,000 75,000 174,400 1,510 2,000 20,000 230,000 8,000 35,300 15,100 950 825 3,800 81,000 20,000 Present, in good form, (a) an income statement for May, (b) a statement of stockholders equity as of May 31, and (c) a classified balance sheet as of May 31, showing current assets, fixed assets, current liabilities, long term liabilities, stockholders' equity.
eBook < Cash Bb Content Launch - Fall 2023 TTU Introduction to ... Statement of stockholders' equity After its first month of operations, the following amounts were taken from the accounting records of Big Mountain Realty Inc. as of June 30, 20Y9. Common stock Dividends Interest expense Land Miscellaneous expense Balances, June 1, 20Y9 Issued common stock Net income Retained earnings Balances, June 30, 20Y9 Feedback 80 F3 Check My Work Check My Work ✓ $ - X Q F4 ✓ $79,500 37,500 of 15,000 Prepare a statement of stockholders' equity for the month ending June 10, 20Y9.If an amount box does not require an entry, leave it blank or enter Big Mountain Realty Inc. Statement of Stockholders' Equity For the Month Ending June 30, 20Y9 3,000 63,000 4,500 0 F5 v2.cengagenow.com Notes payable Rent expense 0 $ 37,500 Common Stock Retained Earnings Retained earnings Salaries expense Sales commissions 37,500 ✓ 0 ✓ ✓ Utilities expense C CengageNOWv2 | Online teaching and learning resourc... ^ $ 0 F6 0…
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Sample Worksheet Work Sheet For the Month Ended January 31, 2020 Trial Balance Adjustments Adj. T/Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 13,200 22,000 5,400 29,250 22,000 5,400 Cash 20,000 b-h 3,950 29,250 22,000 a CD'S Other Securities 5,400 Loan Payable Owner' Equity 25,000 15,600 b 25,000 15,100 25,000 15,100 500 Revenue a 20,000 20,000 20,000 Interest Income Utilities expense Internet & Telephone Advertising Expense C 300 300 300 150 150 150 e 300 300 300 Rent Expense f 2,000 2,000 2,000 Supplies expense 450 450 450 Insurance expense 250 250 250 40,100 16,550 56,650 40,600 23,950 60,100 3,450 16,550 20,000 40,600 23,950 60,100 20,000 56,650 Net income 20,000 56,650 1. Cash is overstate by 500.00 and Owners Equity is overstated by $500.00. 2. Utilities Expense of $300.00 was paid on January 25. 3. Insurance expense of $250.00 was paid on January 27. 4. supplies for the month in the amount of $450.00 was purchased. 5. Rent for…
Question:34 Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions. Beginning of Year Assets Liabilities End of Year Assets Liabilities 1. What is the equity at the beginning of the year? 2. What is the equity at the end of the year? 27000 15000 63000 25000 3. If the company issues commons stock of 5,000, pays dividends of 37,000 how much is the net income or loss? 4. If the net income is 2,000 and dividends are 8,500 how much is common stock? 5. If the company issues common stock of 19,000 and net income is 19,900 how much is dividends? 6. If the company issues common stock of 43,400 and dividends of 1,400 how much is the net income (loss)?