Financial Statements Jose Loder established Bronco Consulting on August 1, 2019. The effect of each transaction and the balances after each transaction for August follow:   Assets = Liabilities + Owner's Equity   Cash + Accounts Receivable + Supplies = Accounts Payable + Jose Loder Capital - Jose Loder Drawing + Fees Earned - Salaries Expense - Rent Expense - Auto Expense - Supplies Expense - Misc. Expense a. +40,220         +40,220               b.     +3,500   +3,500                 Bal. 40,220   3,500   3,500 40,220               c. +39,420             +39,420           Bal. 79,640   3,500   3,500 40,220   39,420           d. -10,900                 -10,900       Bal. 68,740   3,500   3,500 40,220   39,420   -10,900       e. -1,690       -1,690                 Bal. 67,050   3,500   1,810 40,220   39,420   -10,900       f.   +27,800           +27,800           Bal. 67,050 27,800 3,500   1,810 40,220   67,220   -10,900       g. -7,640                   -5,230   -2,410 Bal. 59,410 27,800 3,500   1,810 40,220   67,220   -10,900 -5,230   -2,410 h. -16,100               -16,100         Bal. 43,310 27,800 3,500   1,810 40,220   67,220 -16,100 -10,900 -5,230   -2,410 i.     -2,000                 -2,000   Bal. 43,310 27,800 1,500   1,810 40,220   67,220 -16,100 -10,900 -5,230 -2,000 -2,410 j. -10,100           -10,100             Bal. 33,210 27,800 1,500   1,810 40,220 -10,100 67,220 -16,100 -10,900 -5,230 -2,000 -2,410 Required: 1.  Prepare an income statement for the month ended August 31, 2019. Bronco Consulting Income Statement For the Month Ended August 31, 2019 Fees earned    $ Expenses:     Salaries expense  $   Rent expense      Auto expense      Supplies expense      Miscellaneous expense      Total expenses     Net income    $   Feedback   1. An income statement reports the revenues and expenses. When revenues are larger than the expenses, the difference is net income. 2.  Prepare a statement of owner's equity for the month ended August 31, 2019. If an answer is zero, enter "0". Bronco Consulting Statement of Owner's Equity For the Month Ended August 31, 2019 Jose Loder, capital,August 1, 2019    $ Investment on August 1, 2019  $   Net income for August      Withdrawals      Increase in owner's equity      Jose Loder, capital, August 31, 2019    $   Feedback   2. Follow Example Exercise 1-5. Recall that the statement of owner's equity considers beginning owner capital, additional investments of the owner and net income for the year and withdrawals to calculate the ending capital. The net income from the income statement is needed to complete the statement of owner's equity. 3.  Prepare a balance sheet as of August 31, 2019. When entering assets, enter them in order of liquidity. Bronco Consulting Balance Sheet August 31, 2019 Assets Cash  $ Accounts receivable    Supplies    Total assets $ Liabilities Accounts payable  $ Owner's Equity Jose Loder, capital    Total liabilities and owner's equity $   Feedback   3. Follow Example Exercise 1-6. Recall that the balance sheet is a formal presentation of the accounting equation, such that total assets must equal total liabilities and owner's equity. Assets are items owned by the company, while liabilities are debts owed to creditors, and owner's equity represents the rights of the owner. 4.  Prepare a statement of cash flows for the month ending August 31, 2019. For those boxes in which no entry is required, enter "0". Use the minus sign to indicate cash outflows, cash payments, and decreases in cash. Bronco Consulting Statement of Cash Flows For the Month Ended August 31, 2019 Cash flows from operating activities:     Cash receipts from customers  $   Cash payments for expenses and payments to creditors      Net cash flow from operating activities    $ Cash flows from investing activities     Cash flows from financing activities:     Cash receipt as owner's investment  $   Cash withdrawal by owner      Net cash flow from financing activities      Net increase in cash and August 31, 2019, cash balance    $

Net Income? Ali Mamat Enterprise Trial Balance as at 31 December 2019 Particulars Sales Purchases Salaries Motor expenses Rent Insurance General expenses Premises Motor vehicles Account receivables Account payable Cash at bank Cash in hand Drawings Capital TOTAL Debit (RM) Credit (RM) 190,576 119,832 56,527 2,416 1,894 372 85 95,420 16,594 26,740 16,519 342 8,425 345.166 16,524 138,066 345.166

Suppose that on January 6, 2018, Excel Motors paid $240,000,000 for its 45% investment in Dynamic Motors. Excel has significant influence over Dynamic after the purchase. Assume Dynamic earned net income of $10,000,000 and paid cash dividends of $15,000,000 to all outstanding stockholders during 2018. (Assume all outstanding stock is voting stock.) Read the requirements. Requirement 1. What method should Excel Motors use to account for the investment in Dynamic Motors? Give your reasoning. Excel Motors should use the method to account for its investment in Dynamic Motors because the investment Requirement 2. Journalize all required 2018 transactions related to Excel Motors's Dynamic investment. Include an explanation for each entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, enter "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank. Check…

Income StatementThe revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow:Fees earned$958,865Office expense220,540Miscellaneous expense19,175Wages expense460,255 Prepare an income statement for the year ended August 31, 2019.Sentinel Travel ServiceIncome StatementFor the Year Ended August 31, 2019     $Expenses:     $           Total expenses       $

Using the attached financial statement footnote. Explain why the application of time value is appropriate to account for the transaction.

1. The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the following items including the balance transferred to the necessary part of the financial statements. a) Rent expenses: Paid RM700 in 2019; owed RM30 as at 31 December 2019 b) Insurance expenses: Paid RM500 in 2019; prepaid as at 31 December 2019 was RM40 c) Commission received: Received RM650 in 2019; amount accrued as 31 December 2019 was RM100 d) Rent received: Received RM400 in 2019; amount received in advance as at 31 December 2019 was RM100

Balance Sheet The following is an alphabetical list or Lloyds Hudson Dealership Inc.s December 31, 2019, balance sheet accounts and amounts: Required: 1. Prepare a properly classified balance sheet for Lloyds Hudson Dealership as of December 31, 2019. List the additional parenthetical or note disclosures (if any) that should be made for each item. 2. Next Level Compute the current ratio. What does it indicate about Lloyds Hudson Dealership?

Balance Sheet - Overview 1. What are the following amounts at 2/1/20: a. Total Assets __________________b. Total Liabilities __________________c. Total Owner’s Equity __________________

Following are the current asset and current liability sections of the balance sheets for Freedom Inc. at January 31, 2020 and 2019 (in millions):    January 31, 2020 January 31, 2019 Current Assets                     Cash   $ 11       $ 8     Accounts receivable     6         9     Inventories     7         11     Total current assets   $ 24       $ 28     Current Liabilities                     Note payable   $ 6       $ 6     Accounts payable     6         3     Other accrued liabilities     5         5     Total current liabilities   $ 17       $ 14       Required:a. Calculate the working capital and current ratio at each balance sheet date. (Enter "Working capital" in millions of dollars (i.e., 10,000,000 should be entered as 10). Round your "Current ratio" to 2 decimal places.)

Accruals question