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 1-20 (Algo) Preparing a balance sheet LO P2 Assets Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Cash Accounts receivable $ 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 $ ERNST CONSULTING Balance Sheet December 31 6,650 Accounts payable 18,650 $ 25,300 Liabilities $ $ 9,890 9,890 $ 3,490 18,650 4,920 8,500 890 700 0 9,890

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 1-20 (Algo) Preparing a balance sheet LO P2 Assets Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Cash Accounts receivable $ 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 $ ERNST CONSULTING Balance Sheet December 31 6,650 Accounts payable 18,650 $ 25,300 Liabilities $ $ 9,890 9,890 $ 3,490 18,650 4,920 8,500 890 700 0 9,890

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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 $85,4

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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Felix Company had the following balances in its accounting records as of December 31, Year 1*: $ Event No. Beg. Bal. Jan. 1 Mar. 1 Apr. 1 May 1 Sept. 1 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Assets Cash Accounts Receivable Land Totals Total The following accounting events apply to Felix Company's Year 2 fiscal year: 1 Acquired cash from the issue of common stock. 1 1 1 1 31 31 31 Jan. Mar. Apr. May Sept Dec. Cash 48,000 + 45,000 + (7,000) + (10,000) + (25,000) + 60,000 55,000 + 166,000 + + + + + Assets Accounts Receivable 21,000 + + + + + + 80,000 + (55,000) + + + + $ Made a cash payment on accounts payable. Paid a cash dividend to the stockholders. Purchased additional land with cash. Sold land for cash. Earned service revenue on account during the year. Received cash collections from accounts receivable. Incurred operating expenses on account during the year. 46,000 48,000 21,000 60,000 129,000 + Land 60,000 Balance Sheet = 25,000 = = = = 25,000 = (60,000) = = = Liabilities & Stockholders'…
35. Best Graphics has the following accounts in its general ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; and Salaries Expense. Prepare general journal entries to record the following transactions: May 1 Shareholders invested $110,000 cash in exchange for stock. 2 Paid May rent, $5,300. 4 Purchased office equipment for $9,000, paying $3,000 cash, with the balance due on account in 60 days. 5 Purchased supplies on account, $2,300. 12 Billed clients for services, $5,800. 18 Collected $3,800 on account from clients. 19 Paid $1,500 on account to suppliers. 26 Paid $9,000 cash dividends. 31 Paid salaries for May, $3,200.
Required information [The following information applies to the questions displayed below.] Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $78,000 of services on account. 3. Provided $36,000 of services and received cash. 4. Collected $69,000 cash from accounts receivable. 5. Paid $38,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $650. 2. Provided $88,000 of services on account. 3. Provided $32,000 of services and collected cash. 4. Collected $81,000 cash from accounts receivable. 5. Paid $65,000 of salaries expense fer the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the endi ng…
[The following information applies to the questions displayed below.] Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings $ 27,800 156,000 58, 250 155,000 Cash Common Stock Equipment 138,000 Land 262,000 3,250 Notes Payable (long-term) Retained Earnings. 440, 100 Supplies 11, 900 During the month of July, the company had the following activities: a. Issued 5,500 shares of common stock for $550,000 cash. b. Borrowed $135,000 cash from a local bank, payable in two years. c. Bought a building for $233,000; paid $90,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $225,000. e. Purchased supplies for $54,250 on account. 4. Prepare a trial balance at July 31. Answer is not complete. Cash Supplies Equipment Buildings Accounts Payable Notes Payable (long-term) Common Stock Totals DELIBERATE SPEED CORPORATION Trial Balance At July 31 Debit $…
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Required information [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, December 31, prior year Retained earnings, December 31, current year Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses Required: Prepare the current year-end balance sheet for Armani Company. Cash Supplies Accounts receivable Equipment Total assets Assets $ ARMANI COMPANY Balance Sheet December 31 11,100 Accounts payable 7,100 10,100 Total liabilities 6,100 Common stock Retained earnings $ 11,100 10, 100 7,100 6,100 13, 200 15, 100 4,100 6,100 14, 100 35,200 24,200 21,100 13,100 9,100 Liabilities Equity Total equity $ 34,400 Total liabilities and equity $ $ 13,200 13,200 15,100 6,100 21,200 34,400
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S Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings $ 20,000 100,000 36,000 180,000 118,000 200,000 2,000 259,000 7,000 During the month of July, the company had the following activities: Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies a. Issued 4,000 shares of common stock for $400,000 cash. b. Borrowed $100,000 cash from a local bank, payable in two years. c. Bought a building for $182,000; paid $82,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $200,000. e. Purchased supplies for $30,000 on account. 3. Summarize the journal entry effects from part 2 using T-accounts. Beginning Balance Ending Balance Beginning Balance Debit Beginning Balance Ending Balance Debit Beginning Balance Debit Ending Balance Debit Ending Balance Casn Debit Beginning Balance Ending Balance Equipment Land Notes Payable…
Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable $82,000 Buildings 610,000 Cash 101,000 Common Stock 280,000 Equipment 170,000 Land 499,000 Notes Payable (long-term) 4,000 Retained Earnings Supplies 1,021,000 7,000 During the month of July, the company had the following activities: 1. Issued 4,000 shares of common stock for $400,000 cash. 2. Borrowed $115,000 cash from a local bank, payable in four years. 3. Bought a building for $188,000; paid $77,000 in cash and signed a three-year note for the balance. 4. Paid cash for equipment that cost $101,000. 5. Purchased supplies for $101,000 on account. Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account ba a minus sign.) a. b. C. d. e. Cash Assets Liabilities Accounts Supplies Buildings Equipment Payable Notes Payable (long-term) Stockholders Equity Common Stock 53…
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Required Information [The following Information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1: January 30 February 1 April 10 July 1 July 20 August 15 Established the business when it acquired $46,000 cash from the issue of common stock. Paid rent for office space for two years, $27,000 cash. Purchased $790 of supplies on account. Received $20,500 cash in advance for services to be provided over the next year. Paid $593 of the accounts payable from April 10. Billed a customer $9,788 for services provided during August. September 15 Completed a job and received $2,680 cash for services rendered. October 1 October 15 November 16 December 1 December 31 December 31 December 31 Paid employee salaries of $35,000 cash. Received $9,300 cash from accounts receivable. Billed customers $32,880 for services rendered on account. Paid a dividend of $1,180 cash to the stockholders. Adjusted records to recognize the services provided…