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…

Answered: Exercise 11-2A (Algo) Effect of…

Individual Income Taxes

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Author:Hoffman

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Chapter20: Corporations And Partnerships

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COTB MC Qu. 16-76 (Algo) Assume a company provided the... Assume a company provided the following information: Net operating income Net income before tax Net income Gross margin The times interest earned ratio is closest to: $ 184,000 $ 170,000 $ 119,000 $ 680,000
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
Manji
X Company reports these account balances on December 31, 2021 Accounts Payable Accounts Receivable Accumulated depreciation $450,000 150.000 180,000 600,000 80.000 300,000 Cash Drawings Operating Expenses Goodwill 90,000 000 080 Service Revenne Owner's capital Unearmed Service Reventie S00,000 720.000 50,000
h
Required information Problem 17-6AA (Algo) Income statement computations and format LO A2 [The following information applies to the questions displayed below.] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company's income tax rate is 40% for all items. a. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income tax expense q. Cost of goods sold. Problem 17-6AA (Algo) Part 4 4. What is the amount of…
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! Required information Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Debit $ 11,300 34,200 Credit $ 1,900 152,100 Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals 68,300 121,000 9,700 18,800 201,000 155,500 $ 386,900 $ 386,900 During January 2024, the following transactions occur: January 1 Borrow $101,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $1,953 are required at the end of each month for 60 months. January 4 January 10 Pay cash on accounts payable, $12,000. Receive $31,100 from customers on accounts receivable. January 15 Pay cash for salaries, $29,000.…
calc total assets The following information applies to questions 24-26: The following items were obtained from the records of ABC Limited for the year ended Item $000's Item $000's Accounts payable 90 Accounts receivable 97 Accrued expenses 13 Accumulated depreciation 104 Cash 26 Cost of goods sold 129 Depreciation expense General & admin expense 10 19 Interest expense 8 Inventory 89 Non-current liabilities 63 Notes payable 29 Property plant & equipment 608 Sales 320 Tax 51 Tax payable 54 Total assets at 30 June 2019 is: O a. $737,000 O b. $633,000 O c. $716,000 O d. $820,000
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