Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $21,680 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: $ 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 Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capital account balance as of December 31 is $23,980.

Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $21,680 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: $ 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 Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capital account balance as of December 31 is $23,980.

Name: Required information[The following information applies to the questio
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
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

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

Pen Supply Corp. began operations on March 1, 20Y5. On this date, the company paid for the following expenses: legal fees related to organization, $5,000; rent for the upcoming month, $1,500; license fees, $2,000; promotional costs, $1,200; and insurance for the fiscal year, $9,000. Prepare the journal entry to record the organizational expenses paid.
The October transactions were as follows. Oct. 5 Received $1,510 in cash from customers for accounts receivable due. 10 Billed customers for services performed $5,050. 15 Paid employee salaries $1,110. 17 Performed $570 of services in exchange for cash. 20 Paid $1,980 to creditors for accounts payable due. 29 Paid a $300 cash dividend. 31 Paid utilities $320. Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Utilities Expense
The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the year
Krespy Corp. has a cash balance of $7,500 before the following transactions occur:- received customer payments of $965 supplies purchased on account $435 services worth $850 performed, 25% is paid in cash the rest will be billed corporation pays $275 for an ad in the newspaper bill is received for electricity used $235. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
In its first year of operations, Maria Corp.earned 48,100 in service revenue.Of that amount, 8,200 was on account and the remainder, 39, 900, was collected in cash from customers. The company incurred various expenses totalling 32,300, of which 28,800 was paid in cash. At the year end, 3,500 was still owing on account. In addition, Maria prepaid 2,000 for insurance coverage that covered the last half of the first year and the first half of the second year. maria expects to owe 3000 of income tax when it files its corporate income tax return after year end.
Bridgeport Company's bank statement for the month ended January 31 showed a balance per bank of $34,728. The company's Cash balance at January 31 was $16,398. Other information is as follows: 1. 2. 3. 4. 5. 6. 7. Cash receipts for January were $87,679, of which $5,295 was outstanding at January 31. The bank statement shows a debit memorandum for $135 for cheque printing charges. Cheque no. 119 payable to Sunland Company was recorded in the general journal and cleared the bank for $343. A review of the Accounts Payable subsidiary ledger shows a $131 credit balance in the account of Sunland Company and that the payment to it should have been for $474. The total amount of cheques written during January was $75,126, of which $5,979 was outstanding at January 31. Cheque No. 127 was correctly written and paid by the bank for $109. The general journal reflects an entry for cheque no. 127 as a debit to Accounts Payable and a credit to Cash for $190. The bank returned an NSF cheque from a…
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000; accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company estimates that the required year-end balance in the allowance for uncollectible accounts should be $40,080. What is the year-end gross and net accounts receivable balance?
The balance in Accounts Receivable was $650,000 at the beginning of the year and $770,000 at the end of the year. Credit sales for the year totaled $4,120,000. During the year, $450,000 in customer accounts were written off. How much cash was collected from customers during the period? A) $3,550,000 B) $4,000,000 C) $4,450,000 D) $4,690,000 10
A company had beginning accounts receivable of $175,000. All sales were on account and totaled $550,000. Cash collected from customers totaled $650,000. Calculate the ending accounts receivable balance.
Borchardt Corporation has provided the following data concerning last month’s operations. Direct materials $29,000 Direct labor $58,000 Manufacturing overhead applied to Work in Process $82,000 Beginning Ending Work in process inventory $66,000 $57,000 How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured? Multiple Choice A. $235,000 B. $178,000 C.$173,000 D. $169,000