[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash $12,650 Cash withdrawals by owner $ 1,570 Accounts receivable 13,520 Consulting revenue 13,520 2,850 Rent expense 3,110 Office supplies Land 45,940 Salaries expense 17,530 Telephone expense Office equipment Accounts payable 6,490 850 660 8,110 Miscellaneous expenses Owner investments 83,540 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet

[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash $12,650 Cash withdrawals by owner $ 1,570 Accounts receivable 13,520 Consulting revenue 13,520 2,850 Rent expense 3,110 Office supplies Land 45,940 Salaries expense 17,530 Telephone expense Office equipment Accounts payable 6,490 850 660 8,110 Miscellaneous expenses Owner investments 83,540 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet

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Description: [The following information applies to the questions displayed below.]On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launchthe business. On October 31, the company's records show the fol

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 38E: Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on...

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Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650 in assets to launch the business. On December 31, the company's records show the following items and amounts. $ 15,200 Cash withdrawals by owner 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments 82,650 Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint: J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity J. Ernst, Capital, December 1 2$ 2$
Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,050 in assets to launch the business. On October 31, the company's records show the following items and amounts. $ 7,950 15,040 4,200 46,010 19,060 9,430 85,050 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,070 15,040 4,530 8,090 880 690 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments
Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,050 in assets to laune the business. On October 31, the company's records show the following items and amounts. $ 7,950 15,040 4,200 46,010 19,060 9,430 85,050 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,070 15,040 4,530 8,090 880 690 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments
Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,890 in assets to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 15,140 Cash withdrawals by owner $ 830 Accounts receivable 12,720 Consulting revenue 12,720 Office supplies 2,110 Rent expense 2,380 Land 46,010 Salaries expense 5,620 Office equipment 16,780 Telephone expense 780 Accounts payable 7,360 Miscellaneous expenses 600 Owner investments 82,890 Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Also assume the following: The owner’s initial investment consists of $36,880 cash and $46,010 in land. The company’s $16,780 equipment purchase is paid in cash. Cash paid to employees is $370. The accounts payable balance of…
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.
Required: post entries to the relevant accounts in the general ledger and balance the accounts: On 1/1/2023, Jassim started his commercial business with a capital of $3,735,000 distributed over the following assets: 1500,000 cash, 700,000 cars, 350,000 goods, 1,185,000 bank, If you know that the following operations took place during January 2023: 1. On 1/3 he bought a building for $950,000 by check, and the costs of registering it amounted to $5200 and the expenses of preparing it for use amounted to $43000, which I paid in cash. 2. On 9/1 he sold his goods on account to Mahmoud for $280,000. 3. On 1/10, he bought goods from Daoud for $324,000, he paid half of them in cash, and wrote the rest as a promissory note due after two months. He also paid the costs of transporting the purchased goods, amounting to $1,800. 4. On 1/12 he sold his goods to Al-Tafa'il stores for the amount of $198,000 in cash, of which $65,000 was deposited in the bank. 5. On 1/15, he sold the most valuable car…
Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books
The following transactions relate to the business of Jacob’s Coffee Shop for the month of February 2022: 01/02/22: Owner deposited N$10,000 as capital contribution. 02/02/22: Bought a coffee machine paid by EFT – N$2,500. 04/02/22: Cash purchases paid by cheque – N$1,500. 10/02/22: Credit sales to Mrs. Hamutenya N$1,500. 15/02/22: Rendered catering services at EN Dorado for N$2,000. Received payment via EFT. 25/02/22: Purchased sugar and tea from Sweeteners cc on Credit N$500. How much is the balance transferred to the profit and loss from the Purchases Ledger account? a. N$2,000 b. N$6,500 c. N$4,500 d. N$1,500
Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $14,890 12,820 2,290 930 Accounts receivable 12,820 2,530 5,780 Office supplies Land 45,960 16,900 7,670 83,010 Office equipment Accounts payable 790 610 Owner investments Using the above information prepare an October income statement for the business. ERNST CONSULTING Income Statement
Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,010 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. $ 14,890 Cash dividends 12,820 Consulting revenue 2,290 16,900 Salaries expense 45,960 Telephone expense 7,670 Miscellaneous expenses $ 930 12,820 2,530 5,780 790 Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock Rent expense 610 83,010 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet
On January 1, 2022, Lloyd and Joan Valdez organized Tech Associates as a corporation; each contributed $75,000 cash to start the business and received 4,000 shares of common stock. The store completed its first year of operations on December 31, 2022. financial items for the year were determined: On that date, the following Cash on hand and in the bank $73,350 Amounts due from customers for the sales of merchandise $39,000 Office equipment $72,000 Amounts owed to suppliers for merchandise inventory $12,000 One-year note payable to a local bank $3,000 Retained Earnings at Dec 31, 2022 $19230 No dividends were declared or paid to shareholders during the year. What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained Earnings + Net Income – Dividends = Ending Retained Earnings] to solve for net income.)
Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650 in assets to launch the business. On December 31, the company's records show the following items and amounts. $ 15,200 Cash withdrawals by owner 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement