Required Informatlon[The following Information applies to the questions displayed below.]On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in assets to launchthe business. On October 31, the company's records show the following items and amounts.Cash withdrawals by ownerConsulting revenueCash$14,8980930Accounts receivable12,82012,820Office supplies2,290Rent expense2,530Land45,960Salaries expense5,780Office equipmentAccounts payableTelephone expenseMiscellaneous expenses16,9007907,678610Owner investments83,010Using the above Information prepare an October Income statement for the business.ERN ST CON SULTINGIncome Statement Required Informatlon[The following Information applies to the questions displayed below.]On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 In assets to launchthe business. On October 31, the company's records show the following items and amounts.Cash$14,898Cash withdrawals by ownerConsulting revenue930Accounts receivable12,8202,5305,78012,820Office supplies2,290Rent expenseLand45,960Salaries expenseOffice equipmentTelephone expenseMiscellaneous expenses79016,9807,67083,010Accounts payable619Owner investmentsUsing the above Information prepare an October statement of owner's equlty for Ernst Consulting.ERN ST CONSULTINGStatement of Owner's Equity

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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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Record The Following Transactions North and several others invested $650,000 cash in the business in exchange for 10,000 shares of capital stock. On May 27, A $400 invoice was received for several radio advertisements aired in May. The entire amount is due on June 5. Received a $100 payment on the $300 account receivable Declared a $2,000 dividend payable on July 15. Provided surveying services to client for $2,830. The entire amount was collected on this date Identify the Accruals (Unpaid expenses, Prepaid Expenses, uncollected revenue, unearned revenue) On November 1, Able Corporation purchased a six-month insurance policy expense from The Baylor Agency for $3,000. Salaries earned but not received by Milford’s employees from January 1 through January 31, 2012, totaled $180,000. Consulting services valued at $2,850 were provided during December to clients who had made payment in advance.
Emily's Greenhouse Corporation is a local greenhouse organized 10 years ago as a corporation. The bookkeeper prepared the following statement at year-end (assume that all amounts are correct, but note the incorrect format): EMILY'S GREENHOUSE CORPORATION Profit and Loss December 31 Credit $485,000 Debit Net Sales Rectangular Snip $311,000 61,000 13,000 3,000 18,000 79,000 Cost of Goods Sold Salaries and Wages Expense Office Expenses Travel Expenses Income Tax Expense Net Profit Totals $485,000 $485,000
Ali Furntiure Business starting from owner investement of $100,000. Post the following transactions into general journal, make ledger and trial balance for those entries. 1-Mr Ali Invest $100,000 in the company. 2-Purchased $1000 of office supplies and $15000 equipments. 3-Acquire a loan of $55000 from the bank and write a check for loan payment 4-Sold furniture for a total of $25000. Recived $20000 cash and signed a note for balance. 5-Paid $25000 via check on the loan aquired. 6-Received $5000 notes payable.
• Based on this information can you create an Income Statment • Accounts Receivable $1,200 • Accounts Payable $20,200 • Advertising Expense $750 • Cash $28,600 • Cost of Goods Sold S8,800 • Drawings by Owner $1,625 • Equipment $5,150 • Interest Expense $300 • Interest Payable $300 • Inventory $3,900 • Investments by Owner $10,000 • Rent Expense $3,600 • Sales Returns $600 Sales Revenue $11,900 • Service Revenue $20,750 Supplies S600 Supplies Expense $2,025 Utilities Expense $600 Wages Expense S5,400
ORGANIZATION COSTS B&B Electric decided to incorporate and has incurred the following costs of organizing:Incorporation fees $ 400Attorneys’ fees 4,800Promotion expenses 5,700Prepare the entry for the payment of these organization costs for cash on January 31.
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Use the following to answer the seven questions below Jeff Tale invested $20,000 cash in "Tallall Company", a sole proprietorship he established to render internet services The company purchased $640 of supplies by paying half of the amount cash December 1 December 2 December 10 The company received $3,000 cash in advance for services to be performed over the next 3 months December 20 The company purcha sed office equipment for $6.000 by signing a 10 month, 6% note payable December 29 The company paid half of its account payable December 31 The owner withdrew $800 cash for personal use. The entry to record the investment of $20,000 by the owner on December 1 would be: * O a debit to Cash and a credit to Owner's Capital by $20,000 a debit to Cash and a credit to Investment by Owner by $20,000 a credit to Cash and a debit to Owner's Capital by $20,000 None of the above A O 4) ENG
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KAIZEN CONSULTANCY SERVICES CHART OF ACCOUNTS Balance Sheet Accounts Liabilities: 210 Accounts Payable 220 Notes Payable 230 Utilities Payable 260 Unearned Service Revenue Assets: 110 Cash 120 Accounts Receivable 130 Equipment 135 Accumulated Depreciation Owner's Equity 310 C. Hahn, Capital 320 C. Hahn, Drawings 330 Income Summary Income Statement Accounts Income: Expenses: 510 Rent Expense 410 Service Revenue 520 Utilities Expense 530 Depreciation Expense - Office Equipment
In alphabetical order below are balance sheet items for Robinson Company at December 31, 2022. Sandra Robinson is the owner of Robinson Company. Accounts payable Accounts receivable Cash Owner's capital Total Assets Liabilities $94,600 Prepare a balance sheet. (List Assets in order of liquidity.) Owner's Equity 72,400 45,700 23,500 ROBINSON COMPANY Balance Sheet For the Year Ended December 31, 2022 Assets Liabilities and Owner's Equity Total Liabilities and Owner's Equity $ $ $ 118,100 94,600 23,500 118,100

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