please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly Exercise 11-2A (Algo) Effect of accounting events on the financial statements of a sole proprietorship LO11-1A sole proprietorship was started on January 1, Year 1, when it received $67,500 cash from Marlin Jones, the owner. During Year 1, thecompany earned $42,200 in cash revenues and paid $23,790 in cash expenses. Jones withdrew $4,200 cash from the businessduring Year 1.RequiredPrepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows forJones' Year 1 fiscal year.Complete this question by entering your answers in the tabs below.IncomeStatementCapitalStatementBalance SheetStatement ofCash FlowsPrepare an income statement for Jones Year 1 fiscal year.MARLIN JONES SOLE PROPRIETORSHIPIncome StatementFor the Year Ended December 31, Year 1$

Income Statement is the financial statement where revenues, expenses, and income or loss are…

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Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 59P

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View transaction list Journal entry worksheet < 1 Transaction b. 2 3 During the current year, office supplies amounting to $930 were purchased for cash and debited in full to Supplies. At the end of last year, the count of supplies remaining on hand was $320. The inventory of supplies counted on hand at the end of the current year was $250. Note: Enter debits before credits. Record entry 4 5 6 7 8 General Journal Property tax expense Property tax payable Accounts receivable Service revenue Insurance expense Prepaid insurance Clear entry Debit 1,500 7,900 Credit 1,500 7,900 View general journal
Subject: accounting
Assignment One Mpandamano is a sole proprietor trading as Amano. The trial balance of Amano as at 31 December 2021 is set out below. Debit Credit K K Advertising Bank 16,000 4,000 Bank loan 40,000 Bank interest 4,000 Capital Capital introduced Carriage outwards Computing expenses Payables 40,000 10,000 24,000 20,000 40,000 Receivables 60,000 Discount received 6,000 Drawings 66,000 120,000 Fixtures at cost Power 8,000 Allowance for receivables at 1 January 2021 4,000 Sales 764,000 Purchases 480,000 Rent 12,000 72,000 Salaries Accumulated depreciation on fixtures at 1 January 2021 Inventories at 1 January 2021 30,000 48,000 934,000 934,000 The following additional information was provided: (i) Inventories at 31 December 2021 were valued at K40,000 (ii) Prepayment for rent at 31 December 2021 was K4,000 (ii) Accrual for power was K2,000 (iv) The computer crashed in December 2021. An engineer gave an estimate of K1,000 to repair the computer, which Mpandamano accepted. The engineer…
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Porson ACT Sole Proprietorship - Google Chrome à actpearsoncmg.com/activity/1/4/2 Beginning of Year: Beginning Equity 9000 Assets Net Income (Loss) 63000 1) What is the equity at the beginning of the year? Owner, Withdrawals $63,000 CHECK ANSWER Liabilities 3) If the owner contributes $7,000 and the owner withdraws $43,000, how much is net income (loss)? Type here to search $16,000 $27,000 5) If the owner contributes $15,600 and net income is $16,800, how much did the owner withdraw (owner, withdrawals)? C RESET O 2) What is the equity at the end of the year? 12 Ending Equity hp 4) If net income is $2,700 and owner withdrawals are $5,700, how much did the owner contribute (owner, capital)? Owner, Capital Net Income (Loss) Privacy Policy Copyright © 2022 Pearson Education 36000 6) If the owner contributes $41,000 and the owner withdraws $1,100, how much is net income (loss)? Incorrect. Try reviewing the Hint to better understand the goal of this activity. d I qb 83°F A 12:25 PM…
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26 Fireside, Incorporated uses accrual basis accounting. Its balance sheets reported Accounts Receivable of $12,000 at the end of its first year and $18,000 at the end of its second year. Its income statement reported Sales Revenue of $120,000 in its second year. What would Fireside's revenues have been if it had used cash basis accounting? Multiple Choice $120,000 $114,000 $126,000 $12,000
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Problem 4-19 (IAA) Empress Company provided the following data for the current year: Retained earnings, January 1 Dividends declared Sales Dividend income Inventory, January 1 Purchases Salaries Contribution to employees' pension fund Delivery Miscellaneous expense Doubtful accounts expense Depreciation expense Loss on sale of investment Income from discontinued operation, net of tax Income tax expenae Inventory on December 31 at cost Net realizable value of inventery 3,000,000 1,000,000 8,400,000 100,000 1,000,000 3,700,000 1,540,000 300,000 200,000 120,000 10,000 80,000 100,000 500,000 150,000 850,000 700,000 1. What amount should be reported as cost of goods sold? a. 3,850,000 b. 4,000,000 c. 4,150,000 d. 4,700,000 2. What amount should be reported as total expenses before income tax? a. 2,350,000 b. 2,500,000 c. 2,250,000 d. 2,050,000 3. What amount should be reported as net income for the current year? a. 2,000,000 b. 2,500,000 c. 1,500,000 d. 2,650,000 4. What amount should be…

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