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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The following data relates to the assets due within one year for Simons Co. Cash $56,000 Accounts receivable 325,000 Allowance for doubtful accounts 25,000 Interest receivable 3,000 Supplies 4,000 Inventory 45,000 Other current assets 10,000 Based on the data above, prepare a partial balance sheet in good form at December 31. Show total current assets. Simons Co. Balance Sheet December 31 Assets Current assets: Total current assets
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…
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 $12,000 of common stock for cash. 2. Recognized $67,000 of service revenue earned on account. 3. Collected $59,600 from accounts receivable. 4. Paid operating expenses of $35,300. 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 $74,500 of service revenue on account. 2. Collected $67,600 from accounts receivable. 3. Determined that $940 of the accounts receivable were uncollectible and wrote them off. 4. Collected $200 of an account that had previously been written off. 5. Paid $48,900 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?
Can you help prepare the 2 attached journal entries for this example The management of Banciu Corporation provides you with comparative balance sheets at December 31, 20X1, and December 31, 20X0, appearing below. December 31, 20X1 20X0 Assets Cash $ 174,000 $ 223,200 Accounts receivable 306,000 327,600 Allowance for uncollectible accounts (19,200 ) (20,400 ) Inventories 579,600 645,600 Machinery and equipment 1,112,400 776,400 Accumulated depreciation on machinery and equipment (499,200 ) (446,400 ) Leasehold improvements 104,400 104,400 Accumulated amortization on leasehold improvements (69,600 ) (58,800 ) Securities held for plant expansion 180,000 0 Patents 33,360 36,000 Totals $ 1,901,760 $ 1,587,600 Liabilities and stockholders’ equity Accounts payable $ 279,360 $ 126,000 Dividend payable 48,000 0 Current portion of 6% serial bonds…
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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.
In the first month of operations for Sheffield Industries, the total of the debit entries to the cash account amounted to $ 35800 ($ 15600 investment by the owner and revenues of $ 20200). The total of the credit entries to the cash account amounted to $ 22000 (purchase of equipment $ 9000 and payment of expenses $ 13000). At the end of the month, the cash account has a(n) O $6400 debit balance. O $ 13800 credit balance. O $ 6400 credit balance. O $ 13800 debit balance.