sCON1-1 Part 22. Prepare a statement of stockholders' equity for the current year.PENNY'S POOL SERVICE & SUPPLY, INCORPORATEDStatement of Stockholders' EquityFor the Year Ended December 31, Current YearCommonStockBalance January 1, Current YearBalance December 31, Current YearRetainedEarnings Required informationCON1-1 (Algo) Financial Statements for a New Business Plan LO1-1[The following information applies to the questions displayed below.]Penny Cassidy is considering forming her own pool service and supply company, Penny's Pool Service & Supply,Incorporated. She has decided to incorporate the business to limit her legal liability. She expects to invest $22,000 of herown savings and receive 1,000 shares of common stock. Her plan for the first year of operations forecasts the followingamounts at December 31, the end of the current year: cash in bank, $3,100; amounts due from customers for servicesrendered, $2,500; pool supplies Inventory, $4,800; equipment, $28,200; amounts owed to Pool Corporation,Incorporated, a pool supply wholesaler, $3,700; note payable to the bank, $5,200. Penny forecasts first-year sales$61,200, wages of $24,200, cost of supplies used $8,400, other administrative expenses of $4,700, and income taxexpense of $4,200. She expects to pay herself a $12,000 dividend as the sole stockholder of the company.If Penny's estimates are correct, what would the following first-year financial statements look like for Penny's Pool Service& Supply, Incorporated?CON1-1 Part 2

STATEMENT OF SHAREHOLDERS EQUITY Statement of Shareholders Equity is also Known as Changes in…

Answered: s CON1-1 Part 2 2. Prepare a statement…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Financial Statements from the End-of-Period Spreadsheet Demo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end-of-period spreadsheet was prepared for the year ended August 31, 20V9: Demo Consulting End-of-Period Spreadsheet For the Year Ended August 31, 20Y9 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,710 10,710 Accounts Receivable 25,500 25,500 Supplies 2,700 2,270 430 Land 22,190 22,190 Office Equipment 20,910 20,910 Accumulated Depreciation 2,830 1,350 4,180 Accounts Payable 6,890 6,890 Salaries Payable 330 330 Common Stock 8,600 8,600 Retained Earnings 17,410 17,410 Dividends 3,320 3,320 Fees Earned 70,770 70,770 Salary Expense 19,130 330 19,460 Supplies Expense 2,270 2,270 Depreciation Expense 1,350 1,350 Miscellaneous Expense 2,040 2,040 106,500 106,500 3,950 3,950 108,180 108,180 Based on the preceding spreadsheet, prepare an income statement for Demo Consulting. Demo Consulting…
Question Content Area Entries for cash dividends The declaration, record, and payment dates in connection with a cash dividend of $30,800 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
Subject :- Accounting
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Required: Prepare the stockholders' equity section of the balance sheet for For Feet's Sake as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) FOR FEET'S SAKE Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' equity: Retained earnings Common stock Additional paid-in capital Total paid-in capital Total stockholders' equity S 0
Given the following data, what is the ending balance in the common stock account? 634,438 Total assets, ending Total liabilities, ending 321,286 69,495 32,445 279,868 180,251 Retained Earnings, ending Dividends declared Revenues Expenses Your Answer: Answer
The following events occurred Gargantuan's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash dividend to the stockholders. Adjusting Entries information 9. There was $310 of supplies on hand at the end of the accounting period. 0. The lease on the office space covered a one-year period beginning November 1. 11. There was $5,200 of accrued salaries at the end of the period.
A9
Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $57,700 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. July 9 Aug. 31 Oct. 1
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