Please do not give solution in image format thanku On December 1, Jasmin Ernst organizedErnst Consulting. On December 3, theowner contributed $85,460 in assets tolaunch the business. On December 31, thecompany's records show the followingitems and amounts. Cash $ 6,650 Cashwithdrawals by owner $ 3,490 Accountsreceivable 18,650 Consulting revenue18,650 Office supplies 4,640 Rent expense4,920 Land 46,000 Salaries expense 8,500Office equipment 19,560 Telephoneexpense 890 Accounts payable 9,890Miscellaneous expenses 700 Ownerinvestments 85,460ERNST CONSULTINGBalance Sheet

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Description: Please do not give solution in image format thanku On December 1, Jasmin Ernst organizedErnst Consulting. On December 3, theowner contributed $85,460 in assets tolaunch the business. On December 31, thecompany's records show the followingitems and am

Balance sheet :The asset-liability-equity balance as of the balance-sheet date Current assets are…

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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in assets to launch the business. On December 31, the company's records show the following

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Chapter20: Corporations And Parterships

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Problem 51P

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Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650 in assets to launch the business. On December 31, the company's records show the following items and amounts. $ 15,200 Cash withdrawals by owner 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments 82,650 Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint: J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity J. Ernst, Capital, December 1 2$ 2$
PlantTita Company reported the following data for the current year: Legal and audit fees P10,000Rent for office space equally shared by sales and accounting 150,000Transportation out 20,000Officer’s salaries 80,000Insurance 5,000Sales representative salaries 80,000Transportation in 15,000Doubtful accounts 2,000Loss on sale of trading investments 10,000Advertising expenses 50,000Office supplies used 8,000 16. What amount should be classified as administrative expenses?a. P190,000b. P180,000c. P200,000d. P195,000 17. What amount should be classified as distribution expenses?a. P300,000b. P235,000c. P220,000d. P225,000
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.
The cash transactions for the first month of operation of a sole trader business are as follows; Date Transactions01/06/2021 The owner contributed $50,000 into business account07/06/2021 Received $30,000 for service rendered12/06/2021 Paid $3,000 for advertising15/06/2021 Paid rent for June, $5,000.20/06/2021 Withdrew $7,000 from the business bank account for personal use23/06/2021 Customer made a partial payment of $2,000 on an outstanding bill24/06/2021 Purchased equipment in cash for $8,00027/06/2021 Paid $2,500 on the open account relating to previous credit purchase28/06/2021 Paid wages of $4,50030/06/2021 Paid $500 for utilities usedBased on the cash transactions above, complete the cash ledger using a three column format.Note: You need to select [-] if no amount is required to enter.Cash at Bank Date Description Debit Credit Balance01/06/2021 brought down $001/06/2021 07/06/2021 12/06/2021 15/06/2021 20/06/2021 23/06/2021 24/06/2021 27/06/2021 28/06/2021 30/06/2021
Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books
How are financial statements used by bJoe Fellows is attempting to categorize several items from his company’sfinancial statements so he can determine his working capital. Joenotices the following categories of accounts and amounts: cash, $3,500;accounts payable, $10,200; accounts receivable, $15,000; sales taxesdue the city of Phoenix, $750; sales taxes due the Arizona Departmentof Revenue, $3,450; inventory, $17,500; wages payable, $5,350; taxespayable (federal), $2,570; money market fund, $12,300; and computer,$3,400.a. List accounts classified as current assets and as current liabilities.b. Determine the amount of gross working capital.c. Determine the amount of net working capital.d. What is Joe’s current ratio?usiness?
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land office equipment Accounts payable Owner investments $ 6,650 Cash withdrawals by owner 18,650 Consulting revenue 4,640 Rent expense 46,000 Salaries expense 19,560 Telephone expense 9,890 Miscellaneous expenses 85,460 ERNST CONSULTING Income Statement $ 3,490 18,650 4,920 8.500 890 700 Using the above information prepare a December income statement for the business.
Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650 in assets to launch the business. On December 31, the company's records show the following items and amounts. $ 15,200 Cash withdrawals by owner 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement
On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $83,540 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. $12,650 13,520 2,850 45,940 17,530 8,110 83,540 $ 1,570 13,520 3,110 6,490 Cash Cash dividends Accounts receivable Consulting revenue Office supplies Rent expense Salaries expense Telephone expense Miscellaneous expenses Land Office equipment Accounts payable 850 660 Common stock
On June 1, Cline Co. paid $1,098,500 cash for all of the issued and outstanding common stock of Renn Corp. The carrying amounts for Renn’s assets and liabilities on June 1 follow: Cash $ 223,000 Accounts receivable 232,500 Capitalized software costs 362,000 Goodwill 182,000 Liabilities (137,000 ) Net assets $ 862,500 On June 1, Renn’s accounts receivable had a fair value of $189,000. Additionally, Renn’s in-process research and development was estimated to have a fair value of $288,000. All other items were stated at their fair values. On Cline’s June 1 consolidated balance sheet, how much is reported for goodwill?
Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,050 in assets to laune the business. On October 31, the company's records show the following items and amounts. $ 7,950 15,040 4,200 46,010 19,060 9,430 85,050 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,070 15,040 4,530 8,090 880 690 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 12,040 Cash dividends 13,720 ERNST CONSULTING Income Statement Consulting revenue 2,990 Rent expense 17,710 Salaries expense 45,940 Telephone expense 8,230 83,660 Miscellaneous expenses Using the above information prepare a December income statement for the business. 0 $ 1,760 13,720 3,210 6,690 870 680