Instruction: Prepare the following 1. Income Statement 2. Statement of Changes in Equity 3. Statement of Financial Position using the following accounts of Warlito Blanche Graphic Arts: Accounts Payable Accounts Receivable Accumulated Building Accumulated Equipment Advertising Expense Art Revenues Building Cash 122,500 Land 219.000 Miscellaneous Expense 60,000 Mortgage Payable 120,000 24,600 395,000 Depreciation- Depreciation- 60,000 Notes Payable 213,000 105,000 Office Supplies 1.437,500 Blanche, Capital (1/1/2020) 450,000 Blanche, Withdrawals 36.200 Representation Expense 17,200 50.500 148,600 164,000 CO 000 1 00

Instruction: Prepare the following 1. Income Statement 2. Statement of Changes in Equity 3. Statement of Financial Position using the following accounts of Warlito Blanche Graphic Arts: Accounts Payable Accounts Receivable Accumulated Building Accumulated Equipment Advertising Expense Art Revenues Building Cash 122,500 Land 219.000 Miscellaneous Expense 60,000 Mortgage Payable 120,000 24,600 395,000 Depreciation- Depreciation- 60,000 Notes Payable 213,000 105,000 Office Supplies 1.437,500 Blanche, Capital (1/1/2020) 450,000 Blanche, Withdrawals 36.200 Representation Expense 17,200 50.500 148,600 164,000 CO 000 1 00

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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Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 213,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market 7. prices of $149,100, S505,120 and $164,700 respectively. Sept. 20. Issued 17,600 shares of preferred stock at $105 for cash. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a…
Courses =HCS380 Week 1 Terminology Matching Accounts Receivable Terminology Matching Note Payable Bonds Payable Common Stock Income Statement Balance Sheet Retained Earnings Statement Statement of Cash Flow Basic Accounting Equation multimedia.phoenix.edu Annual Report View Assessment HCS/380: Week 1 - Terminology Matching - Academic Resources Owed to a bank for the money borrowed Bill customer/patient for services HCS Debt securities sold to investors that must be repaid at a particular date in the future A AOL PASSV REQUIRED Enter your password for "kaylakı Accounts. Prepared by corporate management to present financial information, management discussion, notes, and auditor's report Used by creditors to determine if they will be paid Assets Liabilities+Stockholder's Equity Used by creditors and investors to analyze the organization's cash position Used by investors to evaluate the organization's history of paying high dividends The total amount paid in by stockholders for the share…
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Based on this information can you create an Income Statment Accounts Receivable $1,200 Accounts Payable $20,200 Advertising Expense $750 Cash $28,600 Cost of Goods Sold $8,800 Drawings by Owner $1,625 Equipment $5,150 Interest Expense $300 Interest Payable $300 Inventory $3,900 Investments by Owner $10,000 Rent Expense $3,600 Sales Returns $600 Sales Revenue $11,900 Service Revenue $20,750 Supplies $600 Supplies Expense $2,025 Utilities Expense $600 Wages Expense $5,400
Construct a proper Balance Sheet using the following accounts: Checking 45,000 Inventory 8,000 Accounts Receivable 10,000 Land 35,000 60,000 (10,000) Buildings Accumulated Depreciation Accounts Payable Notes Payable Retained Earnings Contruct a proper Income Statement using the following accounts Sales Sales Returns and Allowances Utilities Expense Insurance Expense Salaries Expense 10,000 22,000 116,000 Rent Expense Cost of Goods Sold Depreciation Expense 100,000 5,000 1,200 1,500 45,000 12,000 30,000 3,000
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3. II 1. Show the impact (with amounts) of each of the following items on the horizontal C. equation. For the asset section, name the specific accounts impacted. i. Record Sales during the year on account of $205,000. ii. Show the impact of $190,000 cash collected during the year. ii. Establish an Allowance for Uncollectible Accounts at year-end. Study guide - Chapter 5 (with solutions).docx iv. In the following year, an account worth $6,000 is determined to be uncollectible, what is the entry? V. A receivable for $3,500 that was previously written off is collected. What is the 2 step entry? Cash + Stockholders' Equity Assets = Liabilities Revenues Expenses Net Income Flow 2. Te
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mework Assignment i Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity RELETEORRE Interest expense Income tax expense Total costs and expenses Net income KEREKE Earnings per share DENNE SLAP BOGATE Current Year For both the current year and one year ago, compute the following ratios: $ 32,893 100, 248 123,571 10,593 307,446 $574,751 monosokom. $ 144,544 105,892 162,500 161,815 $574, 751 $ 455,777 231, 625 12,702 9,713 The company's income statements for the current year and 1 year ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year…