hrl.3answer must in table or i will give down vote 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 $84,000 in assets inexchange for its common stock to launch the business. On December 31, the company's records show the following itemsand amounts.Cash$ 11,360Cash dividends$ 2,000Accounts receivable14,000Consulting revenue14,000Office supplies3,250Rent expense3,550Office equipmentLand18,000Salaries expense7,00046,000Telephone expense760Accounts payableCommon stock8,500 Miscellaneous expenses84,000580Using the above information prepare a December income statement for the business.ERNST CONSULTINGIncome Statement

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Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section: Chapter Questions

Problem 3AP

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The following are selected account balances of Rule Corporation at the end of the current year: Debit Credit Operating Expenses $3,200 Sales Revenue $17,780 Cost of Goods Sold 8,500 Interest Expense 790 Gain on Sale of Land 590 Rule is subject to a 30% income tax rate, and shareholders own 1,200 shares of its capital stock. Required: Prepare the income statement for Rule. RULE CORPORATION Income Statement For the Year Ended December 31, Current Year Other items: Earnings per share
Accounting Equation The total assets and total liabilities (in millions) of Pat's Coffee & Tea Inc. and Pam's Corporation follow: Pat's Coffee & Tea Inc. Pam's Corporation Assets $47,006 $45,596 Liabilities 20,683 21,886 Determine the stockholders' equity of each company. Enter your answers in millions. Pat's Coffee & Tea Inc. stockholders' equity million Pam's Corporation stockholders' equity million
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Prepare general journal entries for the following transactions, identifying each transaction by letter: (a) Gnu Company issued 5,000 shares of 1 par common stock to the Prendergas law firm as partial payment of fees incurred to incorporate the business. Gnu was short of cash, so Prendergas agreed to accept 10,000 cash and the shares of common stock in full settlement of its bill for 55,000. (b) Gnu issued 50,000 shares of 1 par common stock in exchange for a parcel of land for building a shopping plaza. (The list price for the land was 400,000; a similar parcel in the same area sold last week for 380,000. During the past month, the price at which Gnus common stock has traded on the open market has ranged from 5 to 12 per share. Two trades occurred yesterday at 7 and 10 per share.) (c) Gnu purchased 10,000 shares of 1 par value common treasury stock for 70,000. (This is the only treasury stock that Gnu holds.) (d) Gnu sold 4,000 shares of common treasury stock for 32,000. (e) Gnu sold 5,000 shares of common treasury stock for 30,000.
Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total assets of $150,000. As of December 31, 20Y8, Sylvester has total liabilities of $200,000 and total stockholders’ equity of $400,000. (a) What was Sylvester’s stockholders’ equity as of January 1, 20Y8? (b) Assume that Sylvester did not pay any dividends during 20Y8. What was the amount of net income for 20Y8?
Assume you are given the following abbreviated financial statements: Data table (Click on the icon here in order to copy its contents of the data table below into a spreadsheet.) ($ in millions) Current assets $115 Fixed and other assets $186 Total assets $301 Current liabilities $88 Long-term debt $38 Stockholders' equity $175 Total liabilities and equity $301 Common shares outstanding 11 million shares Total revenues $469 Total operating costs and expenses $402 Interest expense $9 Income taxes $23 Net profits $35 Dividends paid to common stockholders $11 . On the basis of this information, calculate as many liquidity, activity, leverage, profitability, and common stock measures as you…
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Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATIONIncome Statement Sales $ 47,600 Costs 35,600 Taxable income $ 12,000 Taxes (25%) 3,000 Net income $ 9,000 Dividends $ 2,505 Addition to retained earnings 6,495 The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATIONBalance Sheet Assets Liabilities and Owners’ Equity Current assets Current liabilities Cash $ 2,050 Accounts payable $ 2,400 Accounts receivable 4,700 Notes payable 4,500 Inventory 6,400 Total $ 6,900 Total $ 13,150 Long-term debt $ 25,000 Owners’ equity Fixed assets Common stock and…
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Please solve questions in a) vi) vii) viii) and question b)
Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered as 25,000. Round your answers to the nearest whole number, if necessary. a. What was net operating working capital for 2020 and 2021? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes. 2020$ 2021$ 43,000 million 51,790 million b. What was Arlington's 2021 free cash flow? $ 26,900 million c. Construct Arlington's 2021 statement of stockholders' equity. Shares $ Statement of Stockholders' Equity, 2021 Common Stock Amount million $ Balances, 12/31/20 2021 Net Income Cash Dividends Addition to retained earnings Balances, 12/31/21 million $ d. What was Arlington's 2021 EVA? Assume that its after-tax cost of capital is 10%. Round your answer to the nearest cent. $ 20,791 million e. What was Arlington's MVA at year-end 2021? Assume that its stock price at December 31, 2021 was $25. Round your answer to the nearest cent. 6,410 million million $ Retained Earnings…

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