0QS 13-4 Corporate financial statements LO²Vision Consulting began operations on January 1,2014. Complete the following schedule with journalentries detailing the transactions during 2014 forVision Consulting under two forms of organization:as a single proprietorship (owned by lan Smith), andas a corporation.TransactionJan. 1, 2014:The owner(s) invested$10,000 into the newbusinessDuring 2014:Revenues of $50,000 wereearned; all cashDuring 2014:Expenses of $30,000 wereincurred; all cashDec. 15, 2014:$15,000 cash wasdistributed to the owner(s)Dec. 31, 2014, Year-End:All temporary accountswere closed-Close revenue account-Close expense account-Close income summaryaccount to appropriateequity account(s)-Close withdrawal/cashdividends declared accountEquity section onthe balance sheet atDecember 31, 2014, afterthe first year of operations.FORM OF BUSINESS ORGANIZATIONSingle ProprietorshipVision ConsultingPartial Balance SheetDecember 31, 2014CorporationVision Consulting Inc.Partial Balance SheetDecember 31, 2014

Journalizing- Businesses who want to keep track of their transactions in a systematic way…

Answered: QS 13-4 Corporate financial statements…

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

Problem 19-1 Analyzing Stockholders' Equity Accounts 1. An investment of $60,000 by Kevin Cleary in his sole proprietorship is recorded as a credit to which account?
Only typed solution
< Prev Ne Question 1 View Policies Current Attempt in Progress ns Match the following statements to the appropriate terms. The entire group of accounts maintained by a company. On- Transferring journal entries to ledger accounts. The side which increases an account. A list of all the accounts used by a company. An accounting record of increases and decreases in specific assets, liabilities, and stockholders' equity items. Left side of an account. Evidence that a transaction has taken place. Shows the debit and credit effects of specific transactions. A list of accounts and their balances at a given time. Has a credit normal balance eTextbook and Media Attempts: 0 of 3 used Submit Answ Save for Later II
Required information Problem 3-3A (Statle) Preparlng adjusting entrles, adjusted trlal balance, and financlal statements LO P1, P2, P3, P4, P5 [The following information applies to the questions displayed below] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to Individuals who pay tuition directiy to the school. WTI also offers training to groups in off-site locations. WTI Initially records prepald expenses and uneamed revenues In balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of Items a through hthat require adjusting entries on December 31. Addıtional Information a. An analysis of WT's Insurance policles shows that $2,400 of coverage has explred. b. An Inventory count shows that teaching supplies costing $2.800 are avallable at year-end. C. Annual depreclation on the equlpment is $13,200. d. Annual depreclation on the professional library is $7,200. e. On September 1, WTI agreed to do five…
Required information Use the following information for exercise 15 to 18 LO P2 [The following information applies to the questions displayed below.] 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 earnings, October 1 as $0. $ 9,390 16,020 3,830 45,980 18,550 9,060 84,580 Cash Accounts receivable Office supplies Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,650 16,020 4,190 Land Office equipment Accounts payable 7,570 830 650 Common stock Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet Assets Cash Accounts payable Accounts receivable Office supplies Total liabilities Equity Office equipment Common stock Retained…
Aa 56.
M3 Intermediate Accounting I Assessment Indicator Project You have been hired as an accountant for the Manhattan Trading Corporation and you need to record the following transactions in the General Journal & General Ledger (T-Accounts) for October 2022. The company owns and operates a retail electronics & appliance store. The company started on October 1, 2022. 1 Manhattan Trading Inc. opened with the following stockholders: Name Investment Stock Type Mary Jenkins $ 50,000 Preferred Stock Robert Moore $ 50,000 Common Stock Nancy Lee $ 50,000 50% Preferred 50% Common Note: Common Stock Par Value $ 1.00 Preferred Stock Par Value: $ 10.00 1 Issued 150,000 shares of common stock in exchange for $400,000 cash. 2 Purchased furniture and fixtures at a cost of $40,000. $5,000 was paid in cash and a 60-day note payable was signed for the balance owed. 3 Purchased inventory on account at a cost of $350,000. The company uses the perpetual inventory system. 4 Credit sales for the month…
Assignment 1: Financial Statement Analysis and Interpretation of the Results • Select two different corporations (from the same industry) publicly traded in the US Stock Exchange Markets. (NYSE, NASDAQ) o Make sure the companies you select are traded in same currency (USD, Euro, GBP) o Please get the approval for the names of the firm before you start your work. • The analysis of same company by different students will not be graded • Download the necessary financial statements for the companies for 2021 and 2020 o For data collection you can use: finance.yahoo.com or finance.google.com Part 1: Apply the financial analysis for the last two years using ratios covered in Chapter 3. Use excel formulas for calculation of the ratios on a separate sheet (manual calculations will not be graded!) You are not responsible for Part 5 (V. Market Value) ratios Some companies may not have all the data due to their variations in industries. If you face missing data just skip that ratio (mention as…
Listed below are a few events and transactions of Kodax Company. Year 1 January 2 Purchased 40,000 shares of Grecco Company common stock for $431,000 cash. Grecco has 120,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. September 1 Grecco declared and paid a cash dividend of $1.70 per share. December 31 Grecco announced that net income for the year is $489,900. Year 2 June 1 Grecco declared and paid a cash dividend of $1.70 per share. December 31 Grecco announced that net income for the year is $705,400. December 31 Kodax sold 9,000 shares of Grecco for $160,000 cash. Prepare journal entries to record the above transactions and events of Kodax Company. (Do not round intermediate calculations and round your final answers to the nearest dollar amount.) View transaction list
Question 2
Exercise 13 - 17A (Algo) Recording transactions in the general journal and T - accounts LO 13 - 1, 13-2 The following events apply to Montgomery Company for Year 1, its first year of operation: Received cash of $ 44,000 from the issue of common stock. Performed $63,000 of services on account. Incurred $9,500 of other operating expenses on account. Paid $36,000 cash for salaries expense. Collected $42,000 of accounts receivable. Paid a $4,500 dividend to the stockholders. Performed $11,000 of services for cash. Paid $7,000 of the accounts payable. Required a. Record the preceding transactions in general journal form. b. Post the entries to T - accounts and determine the ending balance in each account. c. & d. Determine the amount of total assets at the end of Year 1, and the amount of net income for Year 1.
Question 5c

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS