Lawson Consulting had the following accounts and amounts on December 31. The Retained Earnings account balance at December 1 was $0 and the owner invested $19,640 cash in the company on December 1, On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable Common stock $ 12,000 5,900 7,900 4,260 Mages expense 19,640 Dividends Services revenue Rent expense The company began operations on December 1. LAWSON CONSULTING $ 2,900 16,200 3,400 8,000 Use the above information to prepare a December income statement for the business.

Lawson Consulting had the following accounts and amounts on December 31. The Retained Earnings account balance at December 1 was $0 and the owner invested $19,640 cash in the company on December 1, On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable Common stock $ 12,000 5,900 7,900 4,260 Mages expense 19,640 Dividends Services revenue Rent expense The company began operations on December 1. LAWSON CONSULTING $ 2,900 16,200 3,400 8,000 Use the above information to prepare a December income statement for the business.

Name: Lawson Consulting had the following accounts and amounts on December
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Lawson Consulting had the following accounts and amounts on December 31. The Retained Earnings account balance atDecember 1 was $0 and the owner invested $19,640 cash in the company on December 1. On December 31, thecompany's accounts and amounts fo

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Prepare a journal entry on June 30 for dividends of $21,000. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Automobiles LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable 24 Salaries Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned 42 Sales Commissions EXPENSES 51 Advertising Expense 52 Automobile Expense 53 Insurance Expense 54 Rent Expense 55 Salary Expense 56 Supplies Expense 57 Utilities Expense 58 Miscellaneous Expense Journal Prepare a journal entry on June 30 for dividends of $21,000. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION…
At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 27,800 Accounts receivable 18,400 Accounts payable 14,700 Common stock 16,900 Retained earnings 14,600 The following events apply to Oak Consulting for Year 2: Provided $72,900 of services on account. Incurred $2,900 of operating expenses on account. Collected $50,900 of accounts receivable. Paid $39,700 cash for salaries expense. Paid $15,840 cash as a partial payment on accounts payable. Paid a $9,000 cash dividend to the stockholders. c. Show the beginning balances and the transactions in a horizontal statements model.
At January 1 (beginning of its fiscal year), Freeman, Incorporated, a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): Cash Short-term investments Accounts receivable Supplies Prepaid expenses Office equipment $2,000 460 3,720 200 4,920 1,200 Accounts payable Unearned revenue Salaries payable Short-term note payable Common stock ($1 par value) Additional paid-in capital Retained earnings $260 1,420 970 830 55 6,805 2,160 a. Received $10,500 cash for consulting services rendered. b. Issued 20 additional shares of common stock at a market price of $125 per share. c. Purchased $740 of office equipment, paying 25 percent in cash and owing the rest on a short-term note. d. Received $940 from clients for consulting services to be performed in the next year. e. Bought $570 of supplies on account. f. Incurred and paid $1,950 in utilities for the current year. g. Consulted for clients in the current year for…
Prepare a journal entry on June 30 for dividends of $11,500. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Automobiles LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable 24 Salaries Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned 42 Sales Commission EXPENSES 51 Advertising Expense 52 Automobile Expense 53 Insurance Expense 54 Rent Expense 55 Salary Expense 56 Supplies Expense 57 Utilities Expense 58 Miscellaneous Expense
Please help me
The balance sheet for Gallinas Industries is as follows, Gallinas Industries Balance Sheet December 31 Assets Liabilities and Stockholders' Equity Cash $35,000 Accounts payable $101,920 Marketable securities 101,920 Notes payable 62,720 Accounts receivable 109,760 Accrued wages 62,720 Inventories 148,960 Total current liabilities $227,360 Total current assets $395,640 Long-term debt $203,840 Land and buildings (net) $145,635 Preferred stock $94,080 Machinery and equipment 242,725 Common stock (10,000 shares) 141,120 Total fixed assets (net) $388,360 Retained earnings 117,600 Total assets $784,000 Total liabilities and stockholders' equity $784,000 Additional information with respect to the firm is available: 1. Preferred stock can be liquidated at book value. 2. Accounts receivable and inventories can be liquidated at 85%of book value. 3. The firm…
Lawson Consulting had the following accounts and amounts on December 31. The Retained Earnings account balance at December 1 was $0 and the owner invested $15,560 cash in the company on December 1. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable. Equipment Accounts payable Common stock $ 8,000 5,100 7,100 Rent expense 3,540 Wages expense. 15,560 The company began operations on December 1. Use the above information to prepare a December 31 trial balance. Totals LAWSON CONSULTING Trial Balance December 31 Debit Dividends Services revenue $ Credit 0 $ 0 $ 2,100 13,800 2,600 8,000
Below are the account balances of Bruins Company at the end of November.Accounts Balances Accounts BalancesCash $40,000 Common Stock $50,000Accounts Receivable 50,000 Retained Earnings 35,000Supplies 1,100 Dividends 1,100Prepaid Rent 3,000 Service Revenue 65,000Equipment ? Salaries Expense 30,000Accounts Payable 17,000 Rent Expense 12,000Salaries Payable 5,000 Interest Expense 3,000Interest Payable 3,000 Supplies Expense 7,000Deferred Revenue 9,000 Utilities Expense 6,000Notes Payable 30,000Required: Prepare a trial balance by placing amounts in the appropriate debit or credit…
A summary of selected transactions in ledger accounts appears below for Alberto’s Plumbing Services for the current calendar year-end. Common Stock 1/1 6,870 Retained Earnings 12/31 7,608 12/31 21,781 Dividends 3/30 2,402 12/31 7,608 9/30 5,206 Net income for the period is
As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $911,139 and liabilities of $273,579. During Year 2, stockholders invested an additional $28,192 and received $25,550 in dividends from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $987,978 and liabilities were $233,486? a.$114,290 b.$40,093 c.$25,550 d.$76,839
As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $918,936 and liabilities of $275,632. During Year 2, stockholders invested an additional $28,692 and received $25,774 in dividends from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $985,989 and liabilities were $239,2027 a. $36,430 Ob. $100,565 O c. $25,774 O d. $67,053
Single-Step Income Statement The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30, 20Y8: Cash $187,875 Retained Earnings $ 571,050 Accounts Receivable 337,500 Dividends 281,250 Inventory 855,000 Sales 8,025,750 Estimated Returns Inventory 78,750 Cost of Goods Sold 4,893,750 Office Supplies 33,750 Sales Salaries Expense 874,800 Prepaid Insurance 27,000 Advertising Expense 103,275 Office Equipment 259,200 Depreciation Expense— Store Equipment 18,675 Accumulated Depreciation— Office Equipment 111,375 Miscellaneous Selling Expense 4,500 Store Equipment 1,150,875 Office Salaries Expense 174,150 Accumulated Depreciation— Store Equipment 420,075 Rent Expense 89,775 Accounts Payable 109,350 Insurance Expense 51,638 Customer Refunds Payable 78,750 Depreciation Expense— Office Equipment 36,450…