! 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 $85,460 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 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. ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 Add: Net income $6,650 Cash dividends 18,650 Consulting revenue 4,640 Rent expense 19,560 Salaries expense 46,000 Telephone expense 9,890 Miscellaneous expenses 85,460 Less: Dividends Retained earnings, December 31 $ $ 0 $ 3,490 18,650 4,920 8,500 890 700 3,640 3,640 3.490 150

! 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 $85,460 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 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. ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 Add: Net income $6,650 Cash dividends 18,650 Consulting revenue 4,640 Rent expense 19,560 Salaries expense 46,000 Telephone expense 9,890 Miscellaneous expenses 85,460 Less: Dividends Retained earnings, December 31 $ $ 0 $ 3,490 18,650 4,920 8,500 890 700 3,640 3,640 3.490 150

Name: 9 !Required informationUse the following information for the Exercises
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: 9 !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 $85,

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 45P: What accounting method (cash or accrual) would you recommend for the following businesses? a. A gift...

See similar textbooks

Similar questions

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.
finish...
Preparation of SCF for a Single Proprietorship Instructions: Prepare a Statement of Cash Flows for the year ended December 31,2020 the using the following account titles listed. Use the Direct Method. You may use any desired business name. Use the space provided for your answer. Cash from Clients – 450,000 Cash Payment for merchandise – 410,500 Cash receipt from additional investment of owner – 114,450 Cash receipt from sale of equipment - 15,000 Cash withdrawal by the owner – 80,000 Cash, January 1, 2020 - 120,000 Credit sales – 35,000 Depreciation expense – 15,410 Paid loan from a bank - 111,000 Payment to interest expense – 10,000 Payment to suppliers – 20,000 Payment to utilities – 30,000 Payments to Employees – 14,800
Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show following assets and liabilities as of December 31 fo and Year 2. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Equity, December 31, Year 1 Add: Owner's investment Add: Net income Year 1 $ 47,584 25,829 4,074 125,071 48,942 Less: Dividends 0 0 67,905 0 Year 2 $ 8,053 20, 250 2,984 133, 224 2. Compute net income for Year 2 by comparing total equ these two years and using the following information: Durir owner invested $32,000 additional cash in the business in common stock, and the company paid a $24,000 cash div 57,942 163,152 40,713 33,679 103,865 0
! Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Current Year 1 Year Ago 2 Years Ago Cash $ 29,953 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity 85,945 110,242 9,742 271,795 $ 507,677 Accounts payable $ 123,883 Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity 94,489 162,500 126,805 $ 34,312 60,046 78,537 9,283 255,475 $ 437,653 $ 71,744 100,660 163,500 101,749 $ 507,677 $ 437,653 For both the current year and one year ago, compute the following ratios: $ 36,464 48,619 52,814 3,893 219,310 $ 361,100 $ 49,095 82,197 162,500 67,308 $ 361,100 Exercise 17-6 (Algo) Common-size percents LO P2 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last…
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 $ 64,300 26,240 3,160 44,000 148,000 3. Compute the Year 2 year-end debt ratio. 1 1 1 0 0 3,500 0 Debt Ratio Denominator: Year 2 $ 15,640 19,100 1,960 44,000 157,000 80,000 60,000 33,500 40,000 Debt Ratio Debt ratio
What is the spcial journal of the following statements : Invested cash of 250,000 and merchandise of 50,000 to open the business. Deposited 200,000 of the cash investment with citibank Sold merchandise on account to Rustan, 11,760 Terms: 2/10, n/30. Inovice no.801 Sold merchandise on account to Robinson's, 8,960. Terms: n/30. Paid Evergreen the amount owed on the May 14 purchase (May 14- Purchased merchandise on account from Evergreen, 28,000. Terms 1/10, n/30. Invoice no. 801.
This has not been previously answered.
Required: Record the Transactions in the Journal.
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Activities: Prepare an Accounts Receivable Subsidiary Ledger of the following transactions. Write your answer on a separate sheet of paper. Activity 1 Prepare the Accounts Receivable Subsidiary Ledger for XYZ Company for the year ended on December 31, 2020. IV. December 1: The opening balance for Mr. James and Mr. John is P 250,000 andP 450,000. Sold goods to Mr. James on credit for P 300,000. Received payments from Mr. James, P250,000 Received payments Mr. John, P450,000 December 4: December 12: December 16: Activity 2 Prepare the Accounts Receivable Subsidiary Ledger for ABC Company for the year ended on August 31, 2019. Aug. 1: Aug. 3: Aug. 13: Aug. 20: The opening balance for Ms. Santos and Ms. Cruz is P 200,000 and P 400,000. Sold goods to M Williams on credit for P 350,000. Received payments from M Williams, P200,000 Received payments T George, 400,000 Activity 3 Prepare the Accounts Receivable Subsidiary Ledger for XXX Company for the year ended on July 31, 2020. July. 1: July…
Help needed please ?