Exercise 11-2A (Algo) Effect of accounting events on the financial statements of a sole proprietorship LO 11-1 A sole proprietorship was started on January 1, Year 1, when it received $67,500 cash from Marlin Jones, the owner. During Year 1, the company earned $42,200 in cash revenues and paid $23,790 in cash expenses. Jones withdrew $4,200 cash from the business during Year 1. Required Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones' Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement Capital Statement Balance Sheet Statement of Cash Flows Prepare an income statement for Jones Year 1 fiscal year. MARLIN JONES SOLE PROPRIETORSHIP Income Statement For the Year Ended December 31, Year 1 $

Exercise 11-2A (Algo) Effect of accounting events on the financial statements of a sole proprietorship LO 11-1 A sole proprietorship was started on January 1, Year 1, when it received $67,500 cash from Marlin Jones, the owner. During Year 1, the company earned $42,200 in cash revenues and paid $23,790 in cash expenses. Jones withdrew $4,200 cash from the business during Year 1. Required Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones' Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement Capital Statement Balance Sheet Statement of Cash Flows Prepare an income statement for Jones Year 1 fiscal year. MARLIN JONES SOLE PROPRIETORSHIP Income Statement For the Year Ended December 31, Year 1 $

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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Lourse Hero FFacebook AlpQLSemRocZTySC1Qmxn3WNrCDDNEqZOcNLOvBFeteSg98lhAYbXw/formResponse The following income relates to a proprietorship registered as a BMBE: Gross income from sales P400,000 Dividend income – domestic corporation 9,000 Interest on bank deposits 6,800 Compute the total exclusion from gross income. O 415,800 O 400,000 O 15,800 O Zero
Requlred Informatlon RivMera Townshlp reported the following data for Its governmental activitles for the year ended June 30, 20X9: 2 of 3 Item Amount Cash and cash equivalents $1,000,000 300,000 8,500,000 1,200,000 400,000 4,800,000 Receivables Capital assets Accumulated depreciation Accounts payable 01:56:09 Long-term liabilities Additlonal Information avalable is as follows: All of the long-term debt was used to acquire capital assets. Cash of $475,000 Is restricted for debt service. Based on the preceding Informatlon, on the statement of net assets prepared at June 30, 20X9, what amount should be reported for net assets Invested In capital assets, net of related debt? Multiple Cholce $3.300,000 $2.900,000 $2,825,000 $4.200,000
14 - Entity A sold its registered $ 1000 at a rate of 4.60 TL at a rate of 4.65 TL. Which of the following accounts is correct in the journal entry to be made?A) 100 02 DOLLAR CASH ACCOUNT RECEIVABLE 4600 TLB) NoneC) 656 EXCHANGE LOSS ACCOUNT DEBTED 150 TLD) 100 01 TL CASH ACCOUNT RECEIVABLE 4.650 TL E) BORROWED 646 EXCHANGE PROFIT ACCOUNT 50 TL
TASK 5 Tardy Pty Ltd, a corporate tax entity, has the following transactions for the 2022/23 income year: DATE TRANSACTION 30-Jun-22 Credit balance 01-Sep-22 Paid Full Franked Dividend (franking credit $3600) $ 1,500 8,400 07-Apr-23 Paid Balance of 2022-23 company tax 4,800 29-Apr-23 Paid Fringe Benefits Tax 9,250 01-May-23 Paid Late Lodgement Penalty 550 08-Jun-23 Received Unfranked Dividend 3,000 Note - the benchmark franking percentage is 100% REQUIRED: Using the template provided, prepare the franking account for the 2022/23 income year.
Porson ACT Sole Proprietorship - Google Chrome à actpearsoncmg.com/activity/1/4/2 Beginning of Year: Beginning Equity 9000 Assets Net Income (Loss) 63000 1) What is the equity at the beginning of the year? Owner, Withdrawals $63,000 CHECK ANSWER Liabilities 3) If the owner contributes $7,000 and the owner withdraws $43,000, how much is net income (loss)? Type here to search $16,000 $27,000 5) If the owner contributes $15,600 and net income is $16,800, how much did the owner withdraw (owner, withdrawals)? C RESET O 2) What is the equity at the end of the year? 12 Ending Equity hp 4) If net income is $2,700 and owner withdrawals are $5,700, how much did the owner contribute (owner, capital)? Owner, Capital Net Income (Loss) Privacy Policy Copyright © 2022 Pearson Education 36000 6) If the owner contributes $41,000 and the owner withdraws $1,100, how much is net income (loss)? Incorrect. Try reviewing the Hint to better understand the goal of this activity. d I qb 83°F A 12:25 PM…
ll TM 16:18 O 1 29% 4 cdn.fbsbx.com Done E9-4B: (Statement of Financial Position – Missing Elements) The following calendar year-end information is available for GRAPES Corporation: .Cash and cash equivalents · Accounts receivable (net) · Inventories · Property, plant, and equipment (net) ·Accounts payable . Wages payable . Contributed capital асcount balance P 5,000 20,000 60,000 120,000 44,000 15,000 100,000 The only asset not listed is trading securities. The only liabilities not listed are a P30,000 note payable due in two years and related accrued interest of P1,000 due in four months. The current ratio (equal to Current Assets : Current Liabilities) at year-end is 1.5:1. Instruction: Determine the following balances at year end. A. Total current assets (Cash and cash equivalent 500 Accounts receivable {net} 20,000 inventories {60,000} – 85000) Trading Securities В. (5000+20000+60000+120000)=20 5,000 c. Total Assets Accounts payable 44,000 + wages payable 15,000 59,00 D.…
COTB MC Qu. 16-76 (Algo) Assume a company provided the... Assume a company provided the following information: Net operating income Net income before tax Net income Gross margin The times interest earned ratio is closest to: $ 184,000 $ 170,000 $ 119,000 $ 680,000
D. H. Exercise 12 The following information is available for Umbrella Corporation for the year ended December 31, 2021: Collection of principal on long term loan to a supplier Acquisition of equipment for cash Proceeds from the redemption of long term investment at carrying value Issue of common shares for cash Depreciation expense Redemption of bonds payable at amortized cost Payment of cash dividends Profit 40,000 15,000 27,000 25,000 25,000 24,000 14,000 30,000 Purchase of land by issuing bonds payable 40,000 In addition, the following information is available from the comparative balance sheet for Umbrella at the end of 2020 and 2021: 2,021 102,000 20,000 17.000 139.000 2,020 Cash Accounts receivable (net) Prepaid insurance Total current assets 14,000 15,000 13.000 42.000 Accounts payable Salaries payable Total current fiabilities 25,000 4,000 29,000 19,000 7000 26.000 Instructions Prepare Umbrella's cash flow statement for the year ended December 31, 2021, using the indirect…
Required information Skip to question [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for Year 1, the first year of operation: Issued $24,000 of common stock for cash. Recognized $224,000 of service revenue earned on account. Collected $177,400 from accounts receivable. Paid $139,000 cash for operating expenses. Adjusted the accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 1 percent of sales on account. The following transactions apply to Jova for Year 2: Recognized $334,000 of service revenue on account. Collected $349,000 from accounts receivable. Determined that $2,850 of the accounts receivable were uncollectible and wrote them off. Collected $2,200 of an account that had previously been written off. Paid $219,000 cash for operating expenses. Adjusted the accounts to…
26 Fireside, Incorporated uses accrual basis accounting. Its balance sheets reported Accounts Receivable of $12,000 at the end of its first year and $18,000 at the end of its second year. Its income statement reported Sales Revenue of $120,000 in its second year. What would Fireside's revenues have been if it had used cash basis accounting? Multiple Choice $120,000 $114,000 $126,000 $12,000
X Company reports these account balances on December 31, 2021 Accounts Payable Accounts Receivable Accumulated depreciation $450,000 150.000 180,000 600,000 80.000 300,000 Cash Drawings Operating Expenses Goodwill 90,000 000 080 Service Revenne Owner's capital Unearmed Service Reventie S00,000 720.000 50,000
hapter 15, 16, and 17 Saved education.com%252F#/activity/q Help Save & E Isaac Incorporated began operations in January 2024. For some property sales, Isaac recognizes income in the period of sale for financial payments. reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment In 2024, Isaac had $712 million in sales of this type. Scheduled collections for these sales are as follows: 2024 $ 68 million 2025 148 million 233.53 2026 147 million 2027 170 million pped 179 million eBook eferences 2028 $ 712 million Assume that Isaac has a 25% income tax rate and that there were no other differences in income for financial statement and tax purposes. Ignoring operating expenses, what deferred tax liability would Isaac report in its year-end 2024 balance sheet? Note: Round your answer to the nearest whole million. MC Graw Type here to search Multiple Choice # 2 3 W E R 4. S Z Alt C 85 00 9:25 PM High winds soon ^ la 4»)…