CashAccounts receivableOffice suppliesOffice equipmentLandAccounts payableCommon stock$ 25,31022,3205,20019,96043,97010,700101,400DividendsConsulting revenueRent expenseSalaries expenseTelephone expenseMiscellaneous expenses$ 5,95026,9609,5005,560820470 account balance at December 1 was $0. Hint: Net income for December is $10,610.X Answer is not complete.HELP TODAYStatement of Retained EarningsRetained earnings, December 1Add: Net incomeLess: DividendsRetained earnings, December 31$010,61010,6105,9504,660

Retained earnings are the amount of profit a company has left over after paying all its direct…

Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 25,310 Dividends 22,320 5,200 19,960 43,970 10,700 101,400 Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 5,950 26,960 9,500 5,560 820 470

Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 25,310 Dividends 22,320 5,200 19,960 43,970 10,700 101,400 Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 5,950 26,960 9,500 5,560 820 470

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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Compute for the following using the data provided below: Cash on Hand – P23,500 Cash in Bank – P226,000 Accounts Receivable – P12,500 Allowance for Bad Debts – P2,500 Merchandise Inventory, Beg – P8,200 Merchandise Inventory, End – P8,500 Prepaid Insurance Expense - P4,800 Long-term Loans Receivable - P60,400 Equipment – P45,600 Fixture and Furniture – P118,900 Acc. Depreciation – P26,800 Land – P350,000 write your answer using this format " 123,456 " Total Current Assets: Net Property, Plant and Equipment: Total Non-current Assets: Total Assets:
Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 213,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market 7. prices of $149,100, S505,120 and $164,700 respectively. Sept. 20. Issued 17,600 shares of preferred stock at $105 for cash. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a…
Entry for cash sales; cash short Instructions Chart of Accounts Journal Instructions The actual cash received from cash sales was $37,650, and the amount indicated by the cash register total was $37,653. Journalize the entry to record the cash receipts and cash sales. Refer to the Chart of Accounts for exact wording of account titles. T41 Merthandise nvemory 516 Cash Short and Over 145 Office Supplies Check My Work
Mr. J, Capital Office Equipment Accounts Payable 85 000.00 Notes Receivable 12 000.00 Notes Payable 1 200.00 8 000.00 16 600.00 Interest Income 360.00 Communications Cash 18 540.00 1 250.00 Expense 21 500.00 Interest Expense Postage and Stamps Expense Tools 220.00 Mr. J, Drawing 10 000.00 50.00 Accounts 21 460.00 Insurance Expense 4 100.00 Receivable Mortgage Payable Loan Payable (Short Term) Service Income Furniture and Fixtures Salaries Expense 30 000.00 Service Vehicle 84 700.00 20 000.00 Utilities Expense 160.00 78 560.00 Supplies Expense 3 150.00 8 900.00 Shop Equipment 36 290.00 21 000.00 Rental Income 6 000.00 Net Inca me?
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CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense 524 Repairs and Maintenance Expense 529 Selling…
Could you please explain to me how the cash balances are calculated???? Pro Forma Cash Flow Cash Received Cash from Operations Cash Sales $24,198 $100,099 $122,460 Cash from Receivables $46,108 $217,218 $342,905 Subtotal Cash from Operations $70,306 $317,317 $465,366 Additional Cash Received Sales Tax, VAT, HST/GST Received $0 $0 $0 New Current Borrowing $0 $0 $0 New Other Liabilities (interest-free) $0 $0 $0 New Long-term Liabilities $0 $40,000 $0 Sales of Other Current Assets $0 $0 $0 Sales of Long-term Assets $0 $0 $0 New Investment Received $0 $0 $0 Subtotal Cash Received $70,306 $357,317 $465,366 Expenditures Year 1 Year 2 Year 3 Expenditures from Operations Cash Spending $167,000 $225,200 $229,200 Bill Payments $75,294 $124,114 $152,785 Subtotal Spent on Operations $242,294 $349,314 $381,985 Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out $0 $0 $0…
Required information Skip to question [The following information applies to the questions displayed below.]The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,600 August 2 $ 120 13,480 August 3 $ 9,300 22,780 August 4 220 22,560 August 5 160 22,400 August 9 530 21,870 August 10 130 21,740 August 15 3,100 24,840 August 21 220 24,620 August 24 15,500 9,120 August 25 5,650 14,770 August 30 620 14,150 August 30 Interest earned $ 20 14,170 August 31 Service charge 10 14,160 Cash (A) Debit Credit August 1 Balance 13,600 Deposits Checks written August 2 9,300 120 August 1 August 12 3,100 220 August 2 August 24 5,650 160 August 3 August 31 4,100 130 August 4 530 August 5 200 August 15 280 August 17 620 August 18 220 August 19…
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