[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 13,520 Consulting revenue 13,520 Accounts receivable Office supplies Land 2,850 Rent expense 3,110 45,940 Salaries expense 6,490 850 17,530 Telephone expense Office equipment Accounts payable 8,110 Miscellaneous expenses. 660 Owner investments 83,540 Using the above information prepare an October statement of owner's equity for Ernst Consulting. ERNST CONSULTING Statement of Owner's Equity $ 0

[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 13,520 Consulting revenue 13,520 Accounts receivable Office supplies Land 2,850 Rent expense 3,110 45,940 Salaries expense 6,490 850 17,530 Telephone expense Office equipment Accounts payable 8,110 Miscellaneous expenses. 660 Owner investments 83,540 Using the above information prepare an October statement of owner's equity for Ernst Consulting. ERNST CONSULTING Statement of Owner's Equity $ 0

Name: Required information[The following information applies to the questio
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: 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 $83,540 in assets to launchthe business. On October 31, the company's

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

See similar textbooks

Similar questions

T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.
Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Cash Accounts receivable office supplies office equipment Trucks Building Land Accounts payable Note payable Numerator: Year 1 $ 64,300 26,240 3,160 44,000 148,000 3. Compute the Year 2 year-end debt ratio. 1 1 1 0 0 3,500 0 Debt Ratio Denominator: Year 2 $ 15,640 19,100 1,960 44,000 157,000 80,000 60,000 33,500 40,000 Debt Ratio Debt ratio
Instructions: Prepare a Statement of Financial Position of Happy Selling Co. using the following accounts (one in report form and one in account form): Cash – 5,000 Loans Payable – 77,500 Accounts Receivable – 2,600 Supplies – 2,300 Equipment – 17,000 Owner’s equity – 40,000 Accounts Payable – 22,400 Building – 113,000
Below are the financial data of Tulong Namin Company, a not-for-profit entity for month of June, 2017.Cash – P4,300,500Accounts Receivable – P250,500Long-Term Investment – P1,000,000Plant, Property and Equipment – P4,500,500Accounts Payable – P500,000Notes Payable – P1,500,000Transactions for the month of July, 2017 Receive a car worth – P600,000 but treated as temporary restricted net assets Partial payment of accounts payable – P250,000 Issued a promissory notes worth – P500,000 Paid the salary of employees – P25,250 5. Paid the repair of computer – P6,500Compute balance of total assets as of July, 2017 a. 10,869,740 b. 10,769,745 c. 10,869,750 d. 10,869,755 Compute the balance of unrestricted net assets as of July, 2017, if unrestricted net assets is 70% of total net as a. 5,604,300 b. 5,604,250 c. 5,604,350 d. 5,604,200 Compute the balance of total net assets as of July, 2017 a. 8,619,755 b. 8,619,750 c. 8,619,745 d.…
On May 1, 20x1, the statement of financial position of Juan and Pablo appear below:Juan PabloCash 22,000 44,708Accounts receivable 469,072 1,135,780Inventories 240,070 520,204Land 1,206,000Building 856,534Furniture and fixtures 100,690 69,578Other assets 4,000 7,200Total assets 2,041,832 2,634,004Accounts payable 357,880 487,300Notes payable 400,000 690,000Juan, Capital 1,283,952Pablo, Capital 1,456,704Total liabilities and equity 2,041,832 2,634,004Juan and Pablo agreed to form a partnership contributing their respective assets and equities subject to thefollowing adjustments:a. Accounts receivable of P40,000 in Juan’s books and P70,000 in Pablo’s books are uncollectible.b. Inventories of P11,000 and P13,400 are worthless in Juan’s and Pablo’s respective books.c. Other assets of P4,000 and P7,200 in Juan’s and Pablo’s respective books are to be written off.Required:1. What are the adjusted capital balances of the partners after formation? 2. Pedro offered to join for a 20% interest in…
On May 1, 20x1, the statement of financial position of Juan and Pablo appear below:Juan PabloCash 22,000 44,708Accounts receivable 469,072 1,135,780Inventories 240,070 520,204Land 1,206,000Building 856,534Furniture and fixtures 100,690 69,578Other assets 4,000 7,200Total assets 2,041,832 2,634,004Accounts payable 357,880 487,300Notes payable 400,000 690,000Juan, Capital 1,283,952Pablo, Capital 1,456,704Total liabilities and equity 2,041,832 2,634,004Juan and Pablo agreed to form a partnership contributing their respective assets and equities subject to thefollowing adjustments:a. Accounts receivable of P40,000 in Juan’s books and P70,000 in Pablo’s books are uncollectible.b. Inventories of P11,000 and P13,400 are worthless in Juan’s and Pablo’s respective books.c. Other assets of P4,000 and P7,200 in Juan’s and Pablo’s respective books are to be written off. 3. Prepare journal entry to record Pedro’s admission. 4. During the first year of operations, the partnership earned P650,000.…
On August 1, 2020, the business accounts of Peter and Senen appear below:Assets Peter SenenCash P11,000 P22,354Accounts receivable 84,536 217,890Inventories 100,035 240,102Land 603,000 428,267Buildings 200,345 384,789Other Assets 22,000 23,600Total P1,020,916 P1,317,002Liabilities and CapitalAccounts payable P178,940 P243,650Notes payable 200,000 345,000Peter, Capital 641,976Senen, Capital 728,352Total P1,020,916 P1,317,002Peter and Senen agreed to form a partnership contributing their respective assets and liabilitiessubject to the following adjustments:Accounts receivable of P20,000 and P35,000 are uncollectible in Peter and Senen’s respectivebooks.Inventories of P5,500 and P6,700 are worthless in Peter and Senen’s respective booksOther Assets of P2,200 and P3,600 in Peter and Senen’s books are written off.After five days Ethel was offered to join Peter and Senen and will contribute for a 20% interestin the firm. They also agreed to divide profits and losses in the ratio of 4:4:2…
Selected accounts of Noteworthy Communications at December 31, 20X6, follow:Accounts payable $15,100 Lori Stone, capital $67,100Accounts receivable 6,600 Note payable, long-term 27,800Accumulated depreciation - equipment 37,800 Other assets 3,600Accumulated depreciation- computers 11,600 Other current liabilities 4,700Equipment 114,400 Prepaid insurance 1,100Cash 16,500 Prepaid rent 6,600Service revenue 93,500 Salary expense 24,600Computers 22,700 Salary payable 3,900Interest payable 600 Supplies 2,500Unearned service revenue 5,400Required:i) Prepare Noteworthy’s classified balance sheet in report form as at4December 31, 20X6. Show totals for total assets, total liabilities andowner’s equity.
ces 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 $84,780 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 8,990 16,540 3,930 45,980 18,660 9,170 84,780 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses ERNST CONSULTING Statement of Retained Earnings Using the above information prepare an October statement of retained earnings for Ernst Consulting. $ 2,830 16,540 4,300 7,740 850 670 S
es Required information [The following information applies to the questions displayed below.] Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 30% × pretax income; all paid during the current year Common stock (December 31) 2. Prepare a statement of stockholders' equity for the year. Dividends declared and paid during the current year (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first…
Given the ledger accounts of Barella Company as of January 31, 2020: Accounts Payable $3,000 Rent Expense $5,600 Accounts Receivable 4,400 Service Revenue 10,400 Cash 8,800 Supplies 2,200 Share Capital-Ordinary 5,200 Notes Payable 2,400 Compute the total of the credit side of the trial balance. (show your computation). A. 22,000 B. 28,000 C. 26,000 O D. 21,000
Acenture LLC-Partners Trial Balance Year Ended December 31, 2021 Petty Cash Fund 25,000.00 Cash in Bank Account 743,000.00 Inventory Account 1,000,540.00 Furniture Account 905,000.00 Building Account 2,400,000.00 Accounts Receivables- ABC Company 250,000.00 Mr Brian & Associates 350,000.00 Create View LLC 400,000.00 Capital Account Mr. Axle 2,500,000.00 Ms. Rose 1,800,000.00 Accounts Payables- Suppliers of All Company 500,000.00 JVC Company 225,000.00 XYX Company 400,000.00 Sales Account…