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 $84,200 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies Office equipment Land Accounts payable Common stock $ 10,710 Cash dividends 14,600 Consulting revenue 3,450 Rent expense 18,170 Salaries expense 46,030 Telephone expense 8,638 Miscellaneous expenses 84,200 $ 2,180 14,600 3,750 7,160 780 600 se the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet

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 $84,200 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies Office equipment Land Accounts payable Common stock $ 10,710 Cash dividends 14,600 Consulting revenue 3,450 Rent expense 18,170 Salaries expense 46,030 Telephone expense 8,638 Miscellaneous expenses 84,200 $ 2,180 14,600 3,750 7,160 780 600 se the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet

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Description: 3 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 $84,200 in assets inexchange for its common stock to launch the bu

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1CP: Prepare general journal entries for the following transactions, identifying each transaction by...

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Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
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.
Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Declared and paid to shareholders, a dividend of $24,000. B. Issued common stock at par value for $12,000 cash. C. Sold a tract of land that had cost $10,000, for $16,000. D. Purchased a company truck, with a note payable of $38,000. E. Collected $8,000 from customer accounts receivable.
Green Rock Corporation had the following transaction: On: Oct .15: It declared cash dividend of $52,000 Dec. 10: It set date of record Jan. 21: Will pay dividend. Make the journal entries to record the transactions on the above dates What is the significance of the date of December 10?
Required information [The following information applies to the questions displayed below.] Munoz Company began operations on January 1, year 1, by issuing common stock for $35,000 cash. During year 1, Munoz received $63,600 cash from revenue and incurred costs that required $49,600 of cash payments. Prepare a GAAP-based income statement and balance sheet for Munoz Company for year 1, for the below scenario: c. Munoz is a manufacturing company. The $49,600 was paid to purchase the following items: (1) Paid $3,700 cash to purchase materials that were used to make products during the year. (2) Paid $1,880 cash for wages of factory workers who made products during the year. (3) Paid $23,720 cash for salaries of sales and administrative employees. (4) Paid $20,300 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a four-year life and a $2,300 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and…
[The following information applies to the questions displayed below.] Baird Company began operations on January 1, Year 1, by issuing common stock for $34,000 cash. During Year 1, Baird received $53,100 cash from revenue and incurred costs that required $38,100 of cash payments. Problem 10-26A (Algo) Part c Prepare a GAAP-based income statement and balance sheet for Baird Company for Year 1, under the following independent scenario: c. Baird is a manufacturing company. The $38,100 was paid to purchase the following items: (1) Paid $3,900 cash to purchase materials that were used to make products during the year. (2) Paid $1,300 cash for wages of factory workers who made products during the year. (3) Paid $18,600 cash for salaries of sales and administrative employees. (4) Paid $14,300 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,300 salvage value. The company uses straight-line depreciation. (5) During Year…
The dates of importance in connection with a cash dividend of $81,000 on a corporation’s common stock are January 15 and March 15. Required: Journalize the entries required on each date. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction.\ CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Supplies 151 Prepaid Insurance 181 Land 191 Buildings 192 Accumulated Depreciation-Building 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Preferred Stock 312 Paid-In Capital in Excess of Par-Preferred Stock 321 Common Stock 322…
Required information [The following information applies to the questions displayed below.] Campbell Company began operations on January 1, year 1, by issuing common stock for $38,000 cash. During year 1, Campbell received $57,700 cash from revenue and incurred costs that required $38,700 of cash payments. Prepare a GAAP-based income statement and balance sheet for Campbell Company for year 1 under the following scenario: c. Campbell is a manufacturing company. The $38,700 was paid to purchase the following items: (1) Paid $3,300 cash to purchase materials that were used to make products during the year. (2) Paid $2,050 cash for wages of factory workers who made products during the year. (3) Paid $15,850 cash for salaries of sales and administrative employees. (4) Paid $17,500 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,500 salvage value. The company uses straight-line depreciation. (5) During year 1,…
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The dates of importance in connection with a cash dividend of $61,000 on a corporation’s common stock are January 15 and March 15. Required: Journalize the entries required on each date. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Supplies 151 Prepaid Insurance 181 Land 191 Buildings 192 Accumulated Depreciation-Building 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Preferred Stock 312 Paid-In Capital in Excess of Par-Preferred Stock 321 Common Stock 322…
Required information Skip to question [The following information applies to the questions displayed below.] Wang Company began operations on January 1, year 1, by issuing common stock for $70,000 cash. During year 1, Wang received $88,000 cash from revenue and incurred costs that required $65,000 of cash payments. Required Prepare a GAAP-based income statement and balance sheet for Wang Company for year 1, for the below scenario: Wang is a manufacturing company. The $65,000 was paid to purchase the following items: (1) Paid $10,000 cash to purchase materials that were used to make products during the year. (2) Paid $20,000 cash for wages of factory workers who made products during the year. (3) Paid $5,000 cash for salaries of sales and administrative employees. (4) Paid $30,000 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $6,000 salvage value. The company uses straight-line depreciation.…