T-account: A T-Account is the statement presented for the entries made for a particular account. The standard format of a account has two sides for debit and credit entries. Debit entries are entered on the left side and credit entries are entered on the right side. Trial Balance : The Trail balance is the statement pressing the balances of accounts. It has accounts title and their balances (debit or credit). Trial balance is prepared to check the arithmetical accuracy of accounting, as the total of debit side should be equal to the total of credit side. Net income or Net loss: The Net income or net loss is calculated to evaluate the profitability of the business; it is calculated with the help of following formula: Net income / ( loss ) = Total Revenues – Total Expenses 1. T accounts for given accounts titles and posting of given entries directly to T accounts: To indicate: T accounts for given accounts titles and posting of given entries directly to T accounts

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Answer 1

Question

Chapter 2, Problem 2.1DC

To determine

T-account:

A T-Account is the statement presented for the entries made for a particular account. The standard format of a account has two sides for debit and credit entries. Debit entries are entered on the left side and credit entries are entered on the right side.

Trial Balance:

The Trail balance is the statement pressing the balances of accounts. It has accounts title and their balances (debit or credit). Trial balance is prepared to check the arithmetical accuracy of accounting, as the total of debit side should be equal to the total of credit side.

Net income or Net loss:

The Net income or net loss is calculated to evaluate the profitability of the business; it is calculated with the help of following formula:

$Net income / (loss) = Total Revenues – Total Expenses$

1. T accounts for given accounts titles and posting of given entries directly to T accounts:

To indicate: T accounts for given accounts titles and posting of given entries directly to T accounts

To determine

2. Trial Balance as at June 30, 2018:

To indicate: Trial Balance as at June 30, 2018

To determine

3. Net income or net loss and recommendation for business continuity:

To indicate: Net income or net loss and recommendation for business continuity

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ht = ences X On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash withdrawals by owner Consulting revenue Salaries expense Cash $ 8,450 Accounts receivable 16,950 Office supplies 4,080 Rent expense Land 46,020 Office equipment 18,860 Telephone expense Accounts payable 9,280 Owner investments 84,920 Miscellaneous expenses $ 2,930 16,950 4,420 7,900 860 680 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 Revenues Rent expense Salaries expense Telephone expense Total revenues $ 4,420 7,900 860 $ SA Assets Cash 8,450 Accounts receivable 16,950 Office supplies 4,080 Land 46,020 Office equipment 18,860 navable 9,280 13,180 5 11 of 14 Next >

Assets Current Assets Cash Credit card receivables Accounts receivable Marketable securities Food Inventories Prepaid expenses Total Current Assets Golden Bay Balance Sheet as at December 31 Year 2018 Year 2019 $ 18,500 9,807 $ 29,400 11,208 5,983 6,882 15,400 2,000 12,880 14,700 10 800 14 900 73370 79 090 Property Plant & Equipment Land Building Equipment Furnishings $ 60,500 828,400 114,900 75,730 (330,100) 16 600 766 030 839 400 $ 60,500 884,400 157,900 81,110 (422,000) 18 300 7 80 210 859 300 Net: Accumulated depreciation China, glass, silver, & linen Total Assets Liabilities & Stockholders' Equity Current Liabilities Accounts payable Accrued expenses payable Taxes payable Current mortgage payable Total Current assets $ 19,200 4,200 12,400 26 900 62 700 $16,500 5,000 20,900 26 000 68 400 Long-term liabilities Mortgage payable Total Liabilities $ $512 800 $486 400 575 500 $555 200 Stockholders' Equity Common stock ($5 par. 40,000 shares issued & OS) $200,000 Retained earnings…

Mat lives in Barbados and is desirous of starting his own business from inheritances that his parents left him. He approached you for advice on the best type of business to register. Mr. Mat said he would love to gain benefits from any tax relief that is available that the government has to offer. Give advice to Mr. Mat whether it would be more beneficial to start a Company or an Individual Trading Business. outline for Mr. Mat why setting up either a company, or a trading as business is more advantageous over the other. cover matters like: Tax rates, Available tax reliefs and or tax credits Ease of operations of a company, as well as ease of operations of an individual trading business.

Answer 2

Question

Chapter 2, Problem 2.1DC

To determine

T-account:

A T-Account is the statement presented for the entries made for a particular account. The standard format of a account has two sides for debit and credit entries. Debit entries are entered on the left side and credit entries are entered on the right side.

Trial Balance:

The Trail balance is the statement pressing the balances of accounts. It has accounts title and their balances (debit or credit). Trial balance is prepared to check the arithmetical accuracy of accounting, as the total of debit side should be equal to the total of credit side.

Net income or Net loss:

The Net income or net loss is calculated to evaluate the profitability of the business; it is calculated with the help of following formula:

$Net income / (loss) = Total Revenues – Total Expenses$

1. T accounts for given accounts titles and posting of given entries directly to T accounts:

To indicate: T accounts for given accounts titles and posting of given entries directly to T accounts

To determine

2. Trial Balance as at June 30, 2018:

To indicate: Trial Balance as at June 30, 2018

To determine

3. Net income or net loss and recommendation for business continuity:

To indicate: Net income or net loss and recommendation for business continuity

Expert Solution & Answer

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Answer 3

Question

Chapter 2, Problem 2.1DC

To determine

T-account:

A T-Account is the statement presented for the entries made for a particular account. The standard format of a account has two sides for debit and credit entries. Debit entries are entered on the left side and credit entries are entered on the right side.

Trial Balance:

The Trail balance is the statement pressing the balances of accounts. It has accounts title and their balances (debit or credit). Trial balance is prepared to check the arithmetical accuracy of accounting, as the total of debit side should be equal to the total of credit side.

Net income or Net loss:

The Net income or net loss is calculated to evaluate the profitability of the business; it is calculated with the help of following formula:

$Net income / (loss) = Total Revenues – Total Expenses$

1. T accounts for given accounts titles and posting of given entries directly to T accounts:

To indicate: T accounts for given accounts titles and posting of given entries directly to T accounts

To determine

2. Trial Balance as at June 30, 2018:

To indicate: Trial Balance as at June 30, 2018

To determine

3. Net income or net loss and recommendation for business continuity:

To indicate: Net income or net loss and recommendation for business continuity

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Chapter 2, Problem 2.1DC

To determine

T-account:

A T-Account is the statement presented for the entries made for a particular account. The standard format of a account has two sides for debit and credit entries. Debit entries are entered on the left side and credit entries are entered on the right side.

Trial Balance:

The Trail balance is the statement pressing the balances of accounts. It has accounts title and their balances (debit or credit). Trial balance is prepared to check the arithmetical accuracy of accounting, as the total of debit side should be equal to the total of credit side.

Net income or Net loss:

The Net income or net loss is calculated to evaluate the profitability of the business; it is calculated with the help of following formula:

$Net income / (loss) = Total Revenues – Total Expenses$

1. T accounts for given accounts titles and posting of given entries directly to T accounts:

To indicate: T accounts for given accounts titles and posting of given entries directly to T accounts

To determine

2. Trial Balance as at June 30, 2018:

To indicate: Trial Balance as at June 30, 2018

To determine

3. Net income or net loss and recommendation for business continuity:

To indicate: Net income or net loss and recommendation for business continuity

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 2, Problem 2.1DC

To determine

T-account:

A T-Account is the statement presented for the entries made for a particular account. The standard format of a account has two sides for debit and credit entries. Debit entries are entered on the left side and credit entries are entered on the right side.

Trial Balance:

The Trail balance is the statement pressing the balances of accounts. It has accounts title and their balances (debit or credit). Trial balance is prepared to check the arithmetical accuracy of accounting, as the total of debit side should be equal to the total of credit side.

Net income or Net loss:

The Net income or net loss is calculated to evaluate the profitability of the business; it is calculated with the help of following formula:

$Net income / (loss) = Total Revenues – Total Expenses$

1. T accounts for given accounts titles and posting of given entries directly to T accounts:

To indicate: T accounts for given accounts titles and posting of given entries directly to T accounts

To determine

2. Trial Balance as at June 30, 2018:

To indicate: Trial Balance as at June 30, 2018

To determine

3. Net income or net loss and recommendation for business continuity:

To indicate: Net income or net loss and recommendation for business continuity

Answer 6

Chapter 2, Problem 2.1DC

To determine

T-account:

A T-Account is the statement presented for the entries made for a particular account. The standard format of a account has two sides for debit and credit entries. Debit entries are entered on the left side and credit entries are entered on the right side.

Trial Balance:

The Trail balance is the statement pressing the balances of accounts. It has accounts title and their balances (debit or credit). Trial balance is prepared to check the arithmetical accuracy of accounting, as the total of debit side should be equal to the total of credit side.

Net income or Net loss:

The Net income or net loss is calculated to evaluate the profitability of the business; it is calculated with the help of following formula:

$Net income / (loss) = Total Revenues – Total Expenses$

1. T accounts for given accounts titles and posting of given entries directly to T accounts:

To indicate: T accounts for given accounts titles and posting of given entries directly to T accounts

Answer 7

Chapter 2, Problem 2.1DC

To determine

T-account:

A T-Account is the statement presented for the entries made for a particular account. The standard format of a account has two sides for debit and credit entries. Debit entries are entered on the left side and credit entries are entered on the right side.

Trial Balance:

The Trail balance is the statement pressing the balances of accounts. It has accounts title and their balances (debit or credit). Trial balance is prepared to check the arithmetical accuracy of accounting, as the total of debit side should be equal to the total of credit side.

Net income or Net loss:

The Net income or net loss is calculated to evaluate the profitability of the business; it is calculated with the help of following formula:

$Net income / (loss) = Total Revenues – Total Expenses$

1. T accounts for given accounts titles and posting of given entries directly to T accounts:

To indicate: T accounts for given accounts titles and posting of given entries directly to T accounts

Answer 8

To determine

2. Trial Balance as at June 30, 2018:

To indicate: Trial Balance as at June 30, 2018

Answer 9

To determine

2. Trial Balance as at June 30, 2018:

To indicate: Trial Balance as at June 30, 2018

Answer 10

To determine

3. Net income or net loss and recommendation for business continuity:

To indicate: Net income or net loss and recommendation for business continuity

Answer 11

To determine

3. Net income or net loss and recommendation for business continuity:

To indicate: Net income or net loss and recommendation for business continuity

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 2 - The detailed record of the changes in a particular...Ch. 2 - Which of the following accounts is a liability?...Ch. 2 - The left side of an account is used to record...Ch. 2 - Which of the following statements is correct?...Ch. 2 - Your business purchased office supplies of $2,500...Ch. 2 - Sedlor Properties puchased office supplies on...Ch. 2 - Posting a $2,500 purchase of office supplies on...Ch. 2 - Pixel Copies recorded a cash collection on account...Ch. 2 - Which sequence correctly summarizes the accounting...Ch. 2 - Nathvile Laundry reported assets of $800 and...

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2. Trial Balance as at June 30, 2018:

To indicate: Trial Balance as at June 30, 2018

3. Net income or net loss and recommendation for business continuity:

To indicate: Net income or net loss and recommendation for business continuity

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Chapter 2 Solutions

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2. Trial Balance as at June 30, 2018: To indicate: Trial Balance as at June 30, 2018

3. Net income or net loss and recommendation for business continuity: To indicate: Net income or net loss and recommendation for business continuity

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Chapter 2 Solutions

2. Trial Balance as at June 30, 2018:

To indicate: Trial Balance as at June 30, 2018

3. Net income or net loss and recommendation for business continuity:

To indicate: Net income or net loss and recommendation for business continuity