Required information[The following information applies to the questions displayed below.]Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $21,680 cash in the company onDecember 2. On December 31, the company's accounts and amounts for the month of December are shown in the tablebelow:CashAccounts receivableEquipmentAccounts payableI. Lawson, Capital$ 14,000 I. Lawson, Withdrawals6,300 Services revenue8,300 Rent expense4,620 Wages expense21,680$ 3,30017,4003,8008,000Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capitalaccount balance as of December 31 is $23,980.LAWSON CONSULTINGBalance SheetAs of December 31Assets:Liabilities:Cash$14,000 Accounts payable2$4,620Accounts receivable6,3001. Lawson, Capital23,980Equipment$8,300Total equity23,9802$28,600$28,600

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Description: Required information[The following information applies to the questions displayed below.]Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December31. The I. Lawson, Capital account balance at Decembe

A balance sheet is a financial statement that details a company's assets and liabilities at a…

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following information applies to the questions displayed below.] on Consulting, which began operations on December 1, had the following accounts and amounts or ne I. Lawson, Capital account balance at December 1 was $0 and the owner invested $21,680 cash mber 2. On December 31, the company's accounts and amounts for the month of December are sh v: counts receivable ipment counts payable Lawson, Capital $ 14,000 I. Lawson, Withdrawals 6,300 Services revenue 8,300 Rent expense 4,620 Wages expense 21,680 $ 3,300 17,400 3,800 8,000 ove information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending lance as of December 31 is $23,980. LOWSON CONSULTING

following information applies to the questions displayed below.] on Consulting, which began operations on December 1, had the following accounts and amounts or ne I. Lawson, Capital account balance at December 1 was $0 and the owner invested $21,680 cash mber 2. On December 31, the company's accounts and amounts for the month of December are sh v: counts receivable ipment counts payable Lawson, Capital $ 14,000 I. Lawson, Withdrawals 6,300 Services revenue 8,300 Rent expense 4,620 Wages expense 21,680 $ 3,300 17,400 3,800 8,000 ove information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending lance as of December 31 is $23,980. LOWSON CONSULTING

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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Required information [The following information applies to the questions displayed below] The following transactions apply to Jova Company for Year 1, the first year of operation. 1. Issued $20,000 of common stock for cash. 2. Recognized $60,000 of service revenue earned on account. 3. Collected $54,000 from accounts receivable. 4. Paid operating expenses of $37,800. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2 1. Recognized $67,500 of service revenue on account. 2. Collected $62,000 from accounts receivable: 3. Determined that $800 of the accounts receivable were uncollectible and wrote them off 4. Collected $300 of an account that had previously been written off. 5. Paid $47,500 cash for operating expenses. 6. Adjusted the accounts to recognize…
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Graff Company had the following data for the month of November: Graff, Capital, November 1= $10,000 Net Income = $2,000 Graff, withdrawals = $1,200 What is the amount of Graff, Capital account as of November 30th?
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Required information [The following information applies to the questions displayed below) The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $20,000 of common stock for cash. 2. Recognized $60,000 of service revenue earned on account. 3. Collected $54,000 from accounts receivable. 4. Paid operating expenses of $37,800. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account The following transactions apply to Jova for Year 2 1. Recognized $67,500 of service revenue on account. 2. Collected $62,000 from accounts receivable 3. Determined that $800 of the accounts receivable were uncollectible and wrote them off 4. Collected $300 of an account that had previously been written off. 5. Paid $47,500 cash for operating expenses. 6. Adjusted the accounts to recognize…
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
Wilson Trucking, Incorporated reports these account balances at January 1, Year 2 (shown in alphabetical order): Accounts Payable $ 214,000 Accounts Receivable 194,000 Buildings 474,000 Capital Stock 674,000 Cash 154,000 314,000 394, 000 514,000 128,000 Equipment Land Notes Payable Retained Earnings ■ On January 5, Year 2, Wilson Trucking collected $169,000 of its accounts receivable, paid $144,000 on its accounts payable, and paid $27,000 on its note payable. In a trial balance prepared for Wilson Trucking on January 1, Year 2, the total of the credit column is: Multiple Choice ● A $1,530,000. B $1,556,000. C $3,060,000. D$1,596,000.