! Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 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 $ 8,990 Cash dividends. 16,540 Consulting revenue Rent expense 3,930 18,660 Salaries expense 45,980 Telephone expense 9,170 Miscellaneous expenses 84,780 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement $ 2,830 16,540 4,300 7,740 850 670

! Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 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 $ 8,990 Cash dividends. 16,540 Consulting revenue Rent expense 3,930 18,660 Salaries expense 45,980 Telephone expense 9,170 Miscellaneous expenses 84,780 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement $ 2,830 16,540 4,300 7,740 850 670

Name: Required informationUse the following information for the Exercises b
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Description: Required informationUse the following information for the Exercises below. (Algo)[The following information applies to the questions displayed below.]On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,78

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

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Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,390 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 ERNST CONSULTING Statement of Retained Earning Retained earings, December 11 $ 13,210 Cash dividends Consulting revenue 13,320 Rent expense Salaries expense 45,910 Telephone expense 7,970 Miscellaneous expenses 83,390 Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. $ $ 2,720 17,350 .0 0 $ 1,460 13,320 2,950 6,290 830 640 0
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Required information Use the following information for Exercises 13-14 below. (Algo) [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $11,750 cash in the company. b. The company purchased supplies for $341 cash. c. The company purchased $6,498 of equipment on credit. d. The company received $1,387 cash for services provided to a customer. e. The company paid $6,498 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,491 for services provided. g. The company paid $530 cash for the monthly rent. h. The company collected $1,046 cash as partial payment for the account receivable created in transaction f. i. K. Spade withdrew $900 cash from the company for personal use. Exercise 2-13 (Algo) Recording effects of transactions in T-accounts LO A1 Required: 1. Prepare general journal entries to record the transactions of Spade Company by…
need complete and correct answer without copy paste with all working 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 Saved $10,710 Cash dividends Consulting revenue 14,600 3,450 18,170 Salaries expense Rent expense 46,030 Telephone expense 8,630 Miscellaneous expenses 84,200 ERNST CONSULTING Income Statement Using the above information prepare a December income statement for the business. $ 2,180 14,600 3,750 7,160 780 600
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 $82,650 in assets to launch the business. On December 31, the company's records show the following items and amounts. $ 15,200 Cash withdrawals by owner 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments 82,650 Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint: J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity J. Ernst, Capital, December 1 2$ 2$
Please correct calculation of the net fund of the business from operating activities on this general accounting question
Required information [The following information applies to the questions displayed below.] Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 30% x pretax income; all paid during the current year Common stock (December 31) Dividends declared and paid during the current year (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) $ 25,600 10,800 81,000 42,000 46,140 2,520…
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Required information Use the following information for Exercises 13-14 below. (Algo) [The following information applies to the questions displayed below) The transactions of Spade Company appear below, a. Kacy Spade, owner, Invested $16,000 cash in the company in exchange for common stock b. The company purchased supplies for $464 cash, c. The company purchased $8,848 of equipment on credit d. The company received $1,888 cash for services provided to a customer. e. The company paid $8.848 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,392 for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $1,425 cash as partial payment for the account receivable created in transaction f L. The compony paid a $1,200 cashydividend to the owner (sole shareholder). Exercise 2-13 (Algo) Recording effects of transactions in T-accounts LO A1 Required: 1. Prepare general journal entries to record the…
Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Numerator: Year 1 $ 54,017 29,321 4,625 141,979 55,558 3. Compute the Year 2 year-end debt ratio. 1 0 0 77,085 0 Debt Ratio Denominator: Year 2 $ 10,358 22,988 3,388 151, 235 64,558 185,208 46,216 38, 232 131,424 = = Debt Ratio Debt ratio 0