On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,580 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained eanings, October 1 as $0. $ 9,390 16,020 3,830 45,980 18,550 9,060 84, 580 Cash Accounts receivable Cash dividends $ 2,650 16,020 4,190 7,570 830 24 Office supplies Land Office equipment Accounts payable Common stock Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 650

On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,580 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained eanings, October 1 as $0. $ 9,390 16,020 3,830 45,980 18,550 9,060 84, 580 Cash Accounts receivable Cash dividends $ 2,650 16,020 4,190 7,570 830 24 Office supplies Land Office equipment Accounts payable Common stock Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 650

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

A, B and C were partners in a busines sharing profits equally, C retires on 1.1.2012, when the Balance Sheet stood as follows: BALANCE SHEET as at 1.1.2012 Liabilities Assets $ Bills Payable 2,000 Cash at Bank 3,750 Creditors 350 Bills Receivable 2,500 General Reserve 7,500 Debtors 6,300 Profit and Loss A/c 3,000 Stock in Trade 700 Capitals - Furniture & Fixtures 4,000 Building & Land Deferred Revenue Expenditure A 7,500 16,350 B 8,250 3,000 8,000 (Advertisement) 36,600 36,600 The goodwill of the firm is valued at $ 11,250. Amount payable to C is transferred to his loan account which will be paid in three equal annual installment together with interest @ 10% p.a. Show the Retiring Partner's Capital Account and his Loan Account till it is paid off. Books of accounts are closed on 31st December every year.
suuctions Chart of Accounts Journal Instructions Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Feb. May July Aug. Oct. 24 Acquired 1,200 shares of Tett Co. stock for $82 per share plus a $140 brokerage commission. Acquired 2,600 shares of Issacson Co. stock for $35 per share plus a $105 commission. 16 14 12 31 400 shares of Tett Co. stock for $100 per share less a $80 brokerage commission. Sold 710 shares of Issacson Co. stock for $33.00 per share less an $85 brokerage commission. Received dividends of $0.40 per share on Tett Co. stock. Journalize the entries for these transactions. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar. Check My Work 3 more Check My Work uses remaining. O All work saved. DELL
Please do not give image format
The following T-account is a summary of the cash account of Shamrock Company. Cash (Summary Form) Balance, Jan. 1 Receipts from customers Dividends on stock investments Proceeds from sale of equipment Proceeds from issuance of bonds payable Balance, Dec. 31 16,000 728,000 Payments for goods 12,000 Payments for operating expenses 280,000 72,000 Interest paid Taxes paid 600,000 Dividends paid Net cash 632,000 provided by financing activities $ 400,000 What amount of net cash provided (used) by financing activities should be reported in the statement of cash flows? (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) 312000 20,000 16,000 80,000
please solve this question
Accounting Equation The total assets and total liabilities (in millions) of ABC Corporation and XYZ Corporation follow: ABC XYZ Assets $48,207 $46,761 Liabilities 21,211 22,445 Determine the stockholders' equity of each company. ABC Corporation stockholders' equity $ million XYZ Corporation stockholders' equity $ million
The following T-account is a summary of the Cash account of Blossom Company. Balance, Jan. 1 Receipts from customers Dividends on stock investments Proceeds from sale of equipment Proceeds from issuance of bonds payable Balance, Dec. 31 Cash (Summary Form) Net cash 21,600 982,800 Payments for goods 16,200 97,200 540,000 Payments for operating expenses 378,000 Interest paid 27,000 Taxes paid 21,600 810,000 Dividends paid 853,200 What amount of net cash provided (used) by financing activities should be reported in the statement of cash flows? (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) 108,000 by financing activities $
14. How much is the correct balance of the Accumulated retained earnings unappropriated account?
The December 31, Year 4, balance sheet for Burdette Corporation is presented here. These are the only accounts on Burdette’s balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information: BURDETTE CORPORATIONBalance Sheet As of December 31, Year 4 Assets Cash $ 31,000 Accounts receivable (net) ? Inventory ? Property, plant, and equipment (net) 298,000 $ 442,000 Liabilities and Stockholders’ Equity Accounts payable (trade) $ ? Income taxes payable (current) 31,000 Long-term debt ? Common stock 304,000 Retained earnings ? $ ? Additional Information Current ratio (at year end) 1.8 to 1.0 Total liabilities ÷ Total stockholders’ equity 70 % Gross margin percentage 40 % Inventory turnover (Cost of goods sold ÷ Ending inventory) 11.6 times Gross margin for Year 4 $ 319,000 Requireda. Compute the balance in trade…
PLEASE HELP ME TO SOLVE THIS PROBLEM
The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable $ 10,700 Accumulated depreciation 50,700 Cost of goods sold 121,000 Income tax expense 8,500 Cash 62,000 Net sales 203,000 Equipment 127,000 Selling, general, and administrative expenses 36,000 Common stock (8,000 shares) 94,000 Accounts payable 13,900 Retained earnings, 1/1/19 28,800 Interest expense 5,900 Merchandise inventory 38,500 Long-term debt 35,000 Dividends declared and paid during 2019 15,800 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year ended December 31, 2019. There were no changes in paid-in capital during the year.Required: Prepare an income statement and statement of changes in stockholders' equity for the year ended December 31, 2019, and a…
a. a. Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. b. C. Required information [The following information applies to the questions displayed below.] C. a. On March 22, purchased 880 shares of RPI Company stock at $24 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $3 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 440 shares of RPI stock for $34 per share. Assets = = = = = = Liabilities + + + + + + Equity