ht=encesXOn December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 in assets tolaunch the business. On December 31, the company's records show the following items and amounts.Cash withdrawals by ownerConsulting revenueSalaries expenseCash$ 8,450Accounts receivable16,950Office supplies4,080Rent expenseLand46,020Office equipment18,860Telephone expenseAccounts payable9,280Owner investments84,920Miscellaneous expenses$ 2,93016,9504,4207,900860680Exercise 1-18 (Algo) Preparing an income statement LO P2Using the above information prepare a December income statement for the business.ERNST CONSULTINGIncome StatementRevenuesRent expenseSalaries expenseTelephone expenseTotal revenues$4,4207,900860$SAAssetsCash8,450Accounts receivable16,950Office supplies4,080Land46,020Office equipment18,860navable9,28013,180511of 14Next >

Step 1: Identify the Relevant InformationAn income statement only includes revenues and…

Answered: ht = ences X On December 1, Jasmin…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

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Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
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Accounting for Assets: Receivables Johnson company's financial year ended on December 31, 201o. All the transactions related to the company's uncollectible accounts are can be found below: Wrote of $44o account of Miller Company as uncollectible January 15 Re-establish the account of Louisa April 2nd Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible July 31 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible August 15 September 26 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible Estimated uncollectible accounts October 16 expense for the year to be 1.5% of net credit sales of $521,000 December 31 The accounts receivable account had a…
onsider the following: Santos Tier I Center Balance Sheet December 31, 20-- Assets Liabilities Current assets: Current liabilities: Cash $13,125 Accounts payable $10,500 Accounts receivable 18,450 Sales tax payable 825 Merch. inventory 55,950 Wages payable 300 Supplies 2,250 Total current liab. $ 11,625 Prepaid insurance 1,575 Noncurrent liab.: Total current assets $ 91,350 Mortgage payable 13,650 Equipment: Total liabilities $ 25,275 Furniture and fixtures $21,000 Stockholders' Equity Less accum. depr. (6,000) Common stock 40,000 Total equipment 15,000 Retained earnings 41,075 Total liabilities and Total assets $106,350 stockholders' equity $106,350 Additional information: Total stockholders'…
whats the income statement for this equation?
Freeman Company's accounting records include the following information: Payments to suppliers $ 50,000 Collections on accounts receivable 90,000 Cash sales 20,000 Income taxes paid 5,000 Equipment purchased 15,000 What is the amount of net cash provided by operating activities indicated by these transactions? O $40,000. O $45,000. O $55,000, O $60,000.
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Required information Skip to question [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable secured bymortgages on plant assets 98,500 101,500 83,500 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 131,100 104,750 79,250 Total liabilities and equity $ 523,000 $ 445,000 $ 377,500 The…
Data table (Click on the following icon in order to copy its contents into a spreadsheet.) Cash Accounts receivable $ 470,000 4,060,000 Inventories Net property, plant, and equipment 7,800,000 17,619,000 $ 29,949,000 Long-term debt Common equity Total assets Total debt and equity Done $ 11,030,000 18,919,000 $ 29,949,000
A B с D E F G H 123456789 ($ thousan Cash and cas $ Following is selected year-end financial information for Tilly's, Inc. Dec. 31 77,151 Cash flow fro 40,077 Cost of good! 475,851 Total liabilitie 425,413 Total assets 601,304 10 Cash flow fro (30,743) 11 Sales revenu 681,230 12 Cash flow fro (7,160) 13 180,495 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Other expens Prepare a multiple-step income statement, balance sheet, and statement of cash flows for the year-end in good form. NOTE: Only use a negative sign with your answers, if shown with a negative sign in the above table. TILLY'S, INC. Income Statement fear Ended December 3 ($ thousands) Sales revenu $ 681,230 Cost of goods 475,851 Gross profit $ 205,379 Other expens 180,495 Net income S 24.884 TILLY'S, INC. Balance Sheet December 31, Year 1 ($ thousands) $ 34 35 Total assets $ 601,304 36 $ 37 38 39 40 41 42 43 Total liabilities TILLY'S, INC. Statement of Cash Flows Year Ended December 3 ($ thousands) 44 45 46 47…

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