The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019,the end of the year, and its revenue and expenses for the year follow. The capital of IanEisele, owner, was $670,000 on January 1, 2019, the beginning of the year. During theyear, an withdrew $42,000 $ 69,500Accounts payableAccounts receivableRent expenseSuppliesSupplies expenseUtilities expense$ 36,000285,0005,500Cash190,5004,100Fees earned912,50028,500LandWages expense544,000510,000Miscellaneous expense6,400Instructions1. Prepare an income statement for the year ended December 31, 2019.2. Prepare a statement of owner's equity for the year ended December 31, 2019.3. Prepare a balance sheet as of December 31, 2019.4. What item appears on both the statement of owner's equity and the balance sheet?

Answered: The amounts of the assets and…

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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Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Debit $ 25,800 Credit Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals 7,200 5,100 70,000 $ 5,200 85,000 17,900 $108,100 $108,100 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $12,000 ($1,000/month). January 9 Purchase additional supplies on account, $5,500. January 13 Provide services to customers on account, $27,500. January 17 Receive cash in advance from customers for services to be provided in the future, $5,700. January 20 Pay cash for salaries, $13,500. January 22 Receive cash on accounts receivable, $26,100. January 29 Pay cash on accounts payable, $6,000. 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Ent Required" in the first account field.)
Sweet home Inc., includes the following selected accounts in its general ledger at December 31, screenshot attacahed thanks fas fakope
use the following adjusted. trial balance to prepare the classified balance sheet for Nu2U for June 30, 2021. Nu2U, Inc. Adjusted Trial Balance At June 30, 2021 (in thousands) Accounts title Debit Credit Cash $ 102 Accounts receivable 40 Supplies 23 Prepaid insurance 15 land 288 buildings and equipment 450 Accumulated depreciation 63 trademark 65 account payable 35 accrued liabilities 15 unearned revenue 66 long-term-mortgage note payable 125 common stock 350 retained earnings, 07/01/20 324 dividends 45 commission revenue 475 wages expenses 160 supplies expenses 27 depreciation expenses 97 general and administrative expenses 102 interest expense 32 income tax expense 7 totals $1,453 $1,453
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 45,500 Accounts Receivable 29,700 Land 114,800 Accounts Payable 15,700 Notes Payable (due in 2 years) 34,000 Common Stock 104,000 Retained Earnings 36,300 Totals $ 190,000 $ 190,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $66,400. 2. February 25 Provide services to customers for cash, $77,300. 3. March 19 Collect on accounts receivable, $46,100. 4. April 30 Issue shares of common stock in exchange for $34,000 cash. 5. June 16 Purchase supplies on account, $12,900. 6. July 7 Pay on accounts payable, $11,700. 7. September 30 Pay salaries for employee work in the current year, $68,200. 8. November 22…
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 47,500 Accounts Receivable 31,700 Land 116,800 Accounts Payable 15,900 Notes Payable (due in 2 years) 36,000 Common Stock 106,000 Retained Earnings 38,100 Totals $ 196,000 $ 196,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $68,400. 2. February 25 Provide services to customers for cash, $78,300. 3. March 19 Collect on accounts receivable, $46,300. 4. April 30 Issue shares of common stock in exchange for $36,000 cash. 5. June 16 Purchase supplies on account, $13,300. 6. July 7 Pay on accounts payable, $11,900. 7. September 30 Pay salaries for employee work in the current year, $70,200. 8. November 22…
Renegade Landscaping's general ledger includes the following account balances on December 31, 2018 Accounts Payable Interest Payable Salaries Payable Notes Payable, Current Portion Notes Payable, Long-Term Portion $19,560 a) Calculate current liabilities. Required Do not enter dollar signs or commas in the input boxes. Total Current Liabilities: $ $11,570 $520 b) Calculate long-term liabilities. Total Long-Term Liabilities: $ $14,220 $19,560
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First using cash accounting, and then accrual accounting, discuss what the balances of each account will be on May 31, 2019 at Hippie Hospital for the financial period below, taking into consideration the transactions listed. Then, discuss why/how you arrived at your answer for each ending account balance. Beginning account balances for May 2019: Assets = $1,400,000 Liabilities = $500,000 Net Assets = $890,900 Revenue = $25,000 Expenses = $15,900 Transaction #1 (May 4, 2019) - the hospital signed a purchase order for a $2,500 supply purchase, which will be delivered/completed in mid-June. Transaction #2 (May 15, 2019) - the hospital provided $15,000 in patient care services and billed patients' insurance plans. Transaction #3 (May 25, 2019) - the hospital took out a loan for $4,000 to meet future, unexpected payroll obligations.
Prepare a) Income Statement for the year ended 31 December 2022 b) Statement of Owner's equity for the year ended 31 December 2022 c) Balance sheet as at December 31, 2022
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On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: AccountsDebit CreditCash$24,400 Accounts Receivable 5,800 Supplies 3,700 Land 56,000 Accounts Payable $3,800 Common Stock 71,000 Retained Earnings 15,100 Totals$89,900 $89,900 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,800 ($650/month).January 9 Purchase additional supplies on account, $4,100.January 13 Provide services to customers on account, $26,100.January 17 Receive cash in advance from customers for services to be provided in the future, $4,300.January 20 Pay cash for salaries, $12,100.January 22 Receive cash on accounts receivable, $24,700.January 29 Pay cash on accounts payable, $4,600. 5. Prepare a classified balance sheet as of January 31, 2021.I am stuck because it says my answer is incomplete but I have added everything up there.

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