plies toN.]organizeder 3, thei assets toember 31,the$ 15,20012,410 Consulting revenue1,77046,08016,450 Telephone expense6,060 Miscellaneous expenses82,650Cash withdrawals by owner$ 46012,410Rent expenseSalaries expense2,1405,300750560e a Decemberit Consulting. Hint.$0.ity Required information[The following information applies tothe questions displayed below.]On December 1, Jasmin Ernst organizedErnst Consulting. On December 3, theowner contributed $82,650 in assets tolaunch the business. On December 31,the company's records show thefollowing items and amounts.Cash with$ 15,20012,410 Consultin1,770 Rent expe46,08016,450 Telephone6,060 Miscellan82,650CashAccounts receivableOffice suppliesLandSalariesOffice equipmentAccounts payableOwner investmentsUsing the above information prepare a Decemberstatement of owner's equity for Ernst Consulting. Hint:J. Ernst, Capital on December 1 was $0.ERNST CONSULTINGStatement of Owner's EquityJ. Ernst, Capital, December 1$$

Name: plies toN.]organizeder 3, thei assets toember 31,the$ 15,20012,410 Co
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Description: plies toN.]organizeder 3, thei assets toember 31,the$ 15,20012,410 Consulting revenue1,77046,08016,450 Telephone expense6,060 Miscellaneous expenses82,650Cash withdrawals by owner$ 46012,410Rent expenseSalaries expense2,1405,300750560e a Decemberit

Statement of Owner's Equity - This statement contains amount invested by the owner of the business.…

Business

Accounting

plies to N.] organized er 3, the i assets to ember 31, the $ 15,200 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 82,650 Cash withdrawals by owner $ 460 12,410 2,140 5,300 750 Miscellaneous expenses 560 e a December it Consulting. Hint. $0. ity

plies to N.] organized er 3, the i assets to ember 31, the $ 15,200 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 82,650 Cash withdrawals by owner $ 460 12,410 2,140 5,300 750 Miscellaneous expenses 560 e a December it Consulting. Hint. $0. ity

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem From the following ledger balances, prepare trial balance, income statement, and balance sheet:Mr. X’s capital is 500,000Drawing 20,000Purchase 200,000Loan 100,000Machinery 50,000Return to suppliers 50,000Sales 400,000Return inward 600,000Carriage outward 20,000Bad debts 5,000Sundry Drs. 100,000B/R 20,000Sundry Crs. 50,000Carriage inward 10,000Salary and wages 5,000Depreciation 20,000Cash in hand 100,000Sale of scrap 5,000Closing stock 50,000Prepaid tax 10,000Outstanding wages 5,000 do not give solution in image
2. Please answer all the tables in their entirely
1. disclosed the following information: Accounts payable, after deducting debit balance in Suppliers’ accounts amounting to P 100,000…………P 4,000,000 Accrued expenses………………………………………….. 1,500,000 Credit balances of customers’ accounts………………… 500,000 Share dividends distributable……………………………. 1,000,000 Claims for increase in wages and allowances by employees of the entity covered in a pending lawsuit…………………………………………………….. 400,000 Estimated expenses in redeeming prize coupons…….. 600,000 What amount should be reported as total current liabilities? 2, provided you the following information on December 31, 2021: Accounts payable amounted to P 500,000 and accrued expenses totalled P 300,000 on December 31, 2021. On December 31, 2021, the entity declared a cash dividend of P 7.00 per share on 100,000 outstanding shares payable on…
Account Title Ch. remainder Believer. remainder Furniture 15.000 Damped Furniture 1.200 Goods 4.000 Domestic Customers 21.000 Promissory notes in the portfolio 6.800 Shares Listed on the Stock Exchange 10.750 Current Deposits in Euro 2.000 Paid-in Share Capital 39.000 Regular reserve 6.000 Long-term bank loans 10.000 Domestic Suppliers 4.000 Promissory notes payable in euro 4.300 Bank A- short-term loan account 5.000 Dividends payable 900 Insurance Organizations (EFKA) 800 Staff Remuneration 26.000 Employer's contributions and personnel charges 9.000 Telecommunications 2.000 Rentals 1.500 Premiums 600 Third Party Facilities (lighting - water supply) 3.100 Travel expenses 900 Promotional and Advertising Expenses 2.500 Interest on Long-term Liabilities 1.800 Furniture depreciation…
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Ee 20.
Prepare the closing entries Cash P4,650Accounts Receivables 5,200Supplies 640Accounts Payable P2,500Unearned Revenue 200Capital 5,000 Drawings 2,000Miscellaneous Expense 400Service Revenue 7,640Salaries Expense 1,650Representation Expense 350Supplies Expense 3,050Salaries Payable 600
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am. 401.
Can you help prepare the 2 attached journal entries for this example The management of Banciu Corporation provides you with comparative balance sheets at December 31, 20X1, and December 31, 20X0, appearing below. December 31, 20X1 20X0 Assets Cash $ 174,000 $ 223,200 Accounts receivable 306,000 327,600 Allowance for uncollectible accounts (19,200 ) (20,400 ) Inventories 579,600 645,600 Machinery and equipment 1,112,400 776,400 Accumulated depreciation on machinery and equipment (499,200 ) (446,400 ) Leasehold improvements 104,400 104,400 Accumulated amortization on leasehold improvements (69,600 ) (58,800 ) Securities held for plant expansion 180,000 0 Patents 33,360 36,000 Totals $ 1,901,760 $ 1,587,600 Liabilities and stockholders’ equity Accounts payable $ 279,360 $ 126,000 Dividend payable 48,000 0 Current portion of 6% serial bonds…
2. Information: Prepaid insurance Accrued salaries Petty cash Investment in trading securities Total current assets Cash 200 150 1,200 4,560 600 Inventory, at sales value (cost = S1,500) 2,100 Unearned rent 40 Allowance for bad debts 150 Office supplies Accounts receivable 110 800 Required: Prepare the current asset section of the balance sheet. to
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