P1-42A Preparing financial statements rPresented here are the accounts of Gate City Answering Service for the year endedDecember 31, 2014.$ 8,000Owner contribution, 2014$ 28,000LandNotes Payable32,000Accounts Payable11,000Property Tax Expense2,600Accounts Receivable1,000Wayne, Withdrawals30,000Advertising Expense15,000Rent Expense13,000Building145,200Salaries Expense65,000Cash3,000Salaries Payable1,300Equipment16,000192,000Insurance Expense2,500Service RevenueOffice Supplies10,000Interest Expense7,00054,000Wayne, Capital, 12/31/13Requirements1. Prepare Gate City Answering Service's income statement.2. Prepare the statement of owner's equity.3. Prepare the balance sheet. P1-46A Using the accounting equation for transaction analysis and preparingfinancial statementsAngela Peters recently opened her own law office, which she operates as a soleproprietorship. The name of the new entity is Angela Peters, Attorney. Petersexperienced the following events during the organizing phase of the new businessand its first month of operation, March 2014. Some of the events were personaland did not affect the law practice. Others were business transactions and should beaccounted for by the business.Sold personal investment in eBay stock, which she had owned forseveral years, receiving $31,000 cash.Mar. 1Deposited the $31,000 cash from the sale of the eBay stock in herpersonal bank account.Deposited $89,000 cash in a new business bank account titledAngela Peters, Attorney. The business gave capital to Peters.3.Paid $400 cash for ink cartridges for the printer.Purchased computer for the law office, agreeing to pay the account,$9,300, within three months.9.Received $2,000 cash from customers for services rendered.15Received bill from The Lawyer for magazine subscription, $120.Finished court hearings on behalf of a client and submitted a bill forlegal services, $13,500, on account.2328Paid bill from The Lawyer.30Paid utilities, $1,200.31Received $3,000 cash from clients billed on Mar 23.31Peters withdrew cash of $2,000.Requirements1. Analyze the effects of the preceding events on the accounting equation of the soleproprietorship of Angela Peters, Attorney. Use a format similar to Exhibit 1-4.2. Prepare the following financial statements:a. Income statementb. Statement of owner's equityc. Balance sheet

Name: P1-42A Preparing financial statements rPresented here are the account
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: P1-42A Preparing financial statements rPresented here are the accounts of Gate City Answering Service for the year endedDecember 31, 2014.$ 8,000Owner contribution, 2014$ 28,000LandNotes Payable32,000Accounts Payable11,000Property Tax Expense2,600Ac

Hi Student, as there are multiple question we will answer only first question. If you want any…

Business

Accounting

P1-42A Preparing financial statements n Presented here are the accounts of Gate City Answering Service for the year ended December 31, 2014. Land $ 8,000 Owner contribution, 2014 $ 28,000 Notes Payable 32,000 Accounts Payable 11,000 2,600 Accounts Receivable 1,000 Property Tax Expense Wayne, Withdrawals 30,000 Advertising Expense 15,000 Rent Expense 13,000 Building 145,200 Salaries Expense 65,000 Cash 3,000 Salaries Payable 1,300 Equipment 16,000 192,000 Insurance Expense 2,500 Service Revenue 10,000 Interest Expense 7,000 Office Supplies 54,000 Wayne, Capital, 12/31/13 Requirements 1. Prepare Gate City Answering Service's income statement. 2. Prepare the statement of owner's equity. 3. Prepare the balance sheet.

P1-42A Preparing financial statements n Presented here are the accounts of Gate City Answering Service for the year ended December 31, 2014. Land $ 8,000 Owner contribution, 2014 $ 28,000 Notes Payable 32,000 Accounts Payable 11,000 2,600 Accounts Receivable 1,000 Property Tax Expense Wayne, Withdrawals 30,000 Advertising Expense 15,000 Rent Expense 13,000 Building 145,200 Salaries Expense 65,000 Cash 3,000 Salaries Payable 1,300 Equipment 16,000 192,000 Insurance Expense 2,500 Service Revenue 10,000 Interest Expense 7,000 Office Supplies 54,000 Wayne, Capital, 12/31/13 Requirements 1. Prepare Gate City Answering Service's income statement. 2. Prepare the statement of owner's equity. 3. Prepare the balance sheet.

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

As of December 31, 2017 Cash $ 17,900 Accounts payable $ 29,500 Accounts receivable $ 39,600 Notes payable 15,400 Less: Allowance for doubtful accounts 3,200 36,400 Unearned revenue 3,800 Inventory 61,100 Total current liabilities $ 48,700 Prepaid expenses 7,400 Total current assets $ 122,800 The following errors in the corporation's accounting have been discovered: Keane collected $ 5,200 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company's controller recorded the amount as revenue. 1. The inventory amount reported included $ 2,300 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $ 1,600 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. 2. Sales for the first day in January 2018 in the amount of $ 11,100 were entered in the sales journal as of December 31, 2017. Of these, $ 7,000 were sales on…
answer must be in proper format
The following data as of July 1, 2020 were taken from the records of Bonbon: Cash 21,000 Other assets 12,000 Accounts Receivable 244,536 Accounts Payable 188,940 Inventories 130,035 Notes Payable 210,000 Land 613,000 Bonbon, capital 681,976 Furniture & Fixtures 60,345 And the following accounts and balances were taken from the records of Caloy: Cash P 32,354 Accounts Receivable 577,890 Other Assets 13,600 Inventories 270,102 Accounts Payable 253,650 Building 438,267 Notes Payable 355,000 Furniture and Fixtures 44,789 Caloy, capital 768.352 Bonbon and Caloy agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a) Inventories of P6.500 and P6.700 are worthless in Bonbon's and Caloy's respective books. b) Accounts Receivable of P25,000 Bonbon's book and P30,000 in Caloy's book are uncollectible c) Other assets of P4,000 and P6,000 in Bonbon and Caloy's respective books are to be written off. d. The…
The following is the summary of transactions of AA Company in 2021 and 2022: 2022 2021 Credit sales P6,000,000 P5,620,000 Collections of outstanding receivables 5,830,000 4,800,000 Accounts written off 60,000 20,000 Recovery of accounts previously written off 15,000 none Days past invoice date at December 31 2022 2021 0-30 600,000 500,000 31 90 150,000 180,000 91 180 110,000 Over 180 30,000 The company's policy to provide allowance on its account receivable at year end as follows: 0-30 days - 2%; 31-90 days - 5%; 91-180 days - 10%; and over 180 days - 20%. Statement 1; The balance of allowance for uncollectible account as of December 31, 2021 is P34,000. Statement 2:The balance of allowance for uncollectible accounts as of December 31, 2022 is P39,500.
Consider the following financial data for Larry’s Computer Stores: Statement of Financial Position as of December 31, 2012 Cash & equivalents $ 94,500 Accounts payable $ 122,500 Receivables 202,500 Short-term bank note 162,500 Inventories 364,000 Accrued wages and taxes 110,500 Total current assets $ 661,000 Total short-term liab. $ 395,500 Long-term debt 418,000 Net fixed assets 468,500 Common equity 316,000 Total assets $ 1,129,500 Total liabilities & equity $ 1,129,500 Statement of Earnings for the Year Ended December 31, 2012 Sales revenue $ 450,000 Cost of merchandise sold 250,000 Gross profit $ 200,000 Operating expenses 97,500 Earnings before interest and taxes (EBIT) $ 102,500 Interest expense 46,500 Earnings before taxes (EBT) $ 56,000 Federal and state income taxes (45 percent) 25,200 Net earnings $ 30,800…
The summarized trial balance of XYZ Corporation includes the following accounts on December 31,2022: Debit Credit Cash P 239,738 9,800 31,386 Accounts receivable Dividend receivable Interest receivable Investments at FVPL 956 136,910 Investments at FVOCI 3,760,944 1,310 Deferred tax asset Accounts payable P 20,506 Interest payable 560 Other payables 166 Income tax payable 484 Provision for employee benefits 1,504 Deferred tax liability 112,828 Share capital 2,736,048 Share premium 752,180 Retained Earnings 556,768 P4,181,044 P4,181,044 The provision for employee benefits includes P1,050 payable in the subsequent year. Required: 1. Prepare Statement of Financial Position
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
Required: Compute the asset turnover ratio for 2021. (Re Asset turnover ratio
Please help me with this problem. copy and paste only
Click on the icons located on the top-right corners of the data tables below to copy their contents into a spreadsheet. Income Statement Balance Sheet Sales $202,590 Assets Cash and Equivalents Accounts Receivable Costs Except Depreciation $14,950 (99,910) $102,680 EBITDA 1,980 (5,940) $96,740 4,100 $21,030 Depreciation Inventories EBIT Total Current Assets Property, Plant, and Equipment Interest Expense (net) (490) 9,990 Pre-tax Income $96,250 Total Assets $31,020 (33,688) $62,562 Income Tax Liabilities and Equity. Accounts Payable Net Income $1,550 4,080 $5,630 Debt Total Liabilities Stockholders' Equity Total Liabilities and Equity 25,390 $31,020 For the next fiscal year, you forecast net income of $49,600 and ending assets of $508,300. Your firm's payout ratio is 10.6%. Your beginning stockholders' equity is $299,900, and your beginning total liabilities are $120,400. Your non-debt liabilities such as accounts payable are forecasted to increase by $10,400. Assume your beginning…
39. CityMarket, Inc.'s purchases during the year were $118,378. The balance sheet shows an average accounts payable balance of $12,000. CityMarket's payables payment period is closest to: 37 days. 44 days. 52 days.
- The following data as of June 1, 2020 were taken from the records of X: Cash 21,000 Accouns Receivable 244,536 Inverntories 130,035 Furniture & Fixtures 60,345 Land 613,000 Other assets 12,000 Accounts Payable 188,940 Notes Payable 210,000 X capital 681,976 And the following accounts and balances were taken from the records of Y: Cash P 32,354 Accounts Receivable 577,890 Inventories 270,102 Furniture and Fixtures 44,789 Building 438,267 Other Assets 13,600 Accounts Payable 253,650 Notes Payable 355,000 Y, capital 768,352 X & Y agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a) Inventories of P6,500 and P6,700 are worthless inX& Y respective books. b) Accounts Receivable of P25 000 X's book and P30.000 in Ys book are uncollectible c) Other assets of P4,000 and P6,000 in X and Ys resbective books are to be written off. How much is the capital adjustment of partner Y?