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    $

By Balance b/d By Profit and loss adjus- ment A/c 10,600 Teg o 16,000 12,000 10,400 16,600 12,400 10,600 009 16,600 12,400 10,600 Balance Sheet of B and C (as at April 1, 2019) Amount Capital and Liabilities Assets and Properties Amount Creditors Bills Payable Dutstanding Expenses A's Loan A/c 7,900 Bank 1,500 Stock 800 Debtors 16,600 Machinery 1,600 11,200 Land and Buildings 8,800 Capitals: 18,600 12,400 B. 23,000 C. Part 49,800 49,800 Memorandum Revalution Account lustration 8 Om, Jay and Jagdish were partners in a firm. They share profit and loss in the ratio of 4 :4:2. Their Balance Sheet as at 31-3-2019 was as follows : Sundry Creditors Om's loan A/c 99,280 Building 30,000 Furniture Plant 000' 000'08 69,800 74,330 89,150 Capital Accounts : 80,000 Bank Sundry Debtors Jay Jagdish 000'89 000'8L 2,26,000 3,55,280 3,55,280 On 1st April, 2019 Om got his retirement. Building at ? 58,000; Furniture at 7 84,000; Plant at ? O00 were revalued. Total goodwill of the firm is 7 96,000. Om…

Prepare a) Income Statement for the year ended 31 December 2022 b) Statement of Owner's equity for the year ended 31 December 2022 c) Balance sheet as at December 31, 2022

Recording Purchase of Equipment through Debt and Equity On January 1, 2020, Sidelines Company purchases equipment with an estimated 6-year useful life by making a $14,000 cash payment and issuing a noninterset-bearing note for $48,000 due in two years. The fair value of the the equipment is unknown. An 11% annual interest rate is typical of this transaction. The company uses the effective interest method to amortize interest expense and the straight-line method to estimate depreciation expense. a. Prepare the entry to record the purchase on January 1, 2020. b. Prepare the entry on December 31, 2020, to record (1) interest expense and (2) depreciation expense. c. Indicate the balance sheet presentation related to this transaction as of December 31, 2020. d. Prepare the entry on December 31, 2021, to record (1) interest expense and payment of the note and (2) depreciation expense. e. Assume instead that Sidelines exchanged 1,000 shares of its own $10 par value common stock along with…

ABC Company's accounting records reported the following account balances as of December 31, 2026: Supplies ... Interest revenue ▪▪▪▪.. Patent Income tax expense Retained earnings Equipment .. Accounts payable Salaries expense ▪▪▪▪▪▪▪ Sales revenue Cash . Land Notes payable Inventory Common stock Accounts receivable Dividends .….….. Salaries payable Cost of goods sold Utilities expense Trademark Rent revenue III II II. ■ ■ $11,000 $46,000 $58,000 $22,000 $86,000 (at Jan. 1, 2026) $37,000 $29,000 $31,000 $88,000 $21,000 $54,000 $70,000 $49,000 $97,000 $33,000 $16,000 ? $53,000 $25,000 $75,000 $26,000 Calculate the amount of gross profit reported in ABC Company's 2026 income statement.

Hespeler services financial accounting information for the year ending October 2019 is presented below , assume all accounts have a normal balance

Following are the current asset and current liability sections of the balance sheets for Freedom Incorporated at January 31, 2023 and 2022 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities January 31, January 31, 2023 2022 Req A $8 6 7 $ 21 Req B and C $3 5 4 $12 $5 Required: a. Calculate the working capital and current ratio at each balance sheet date. b. Evaluate the firm's liquidity at each balance sheet date. c. Assume that the firm operated at a loss during the year ended January 31, 2023. How could cash have increased during the year? 9 11 $ 25 Complete this question by entering your answers in the tabs below. $3 2 4 $9

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

Some selected balances of DD Co. for year ended Dec-31-2019 are as follows with theirnormal balances before adjustments:Cash and Cash Equivalent Br 20,000 Owners’ Capital 40,000Notes Receivables45,000Retained Earnings75,000Office Supplies12,000Sales Revenues640,000Prepaid Insurance72,000Interest Income12,000Inventory (Average Cost)24,000Cost of Goods Sold320,000Fixed Assets120,000Selling Expenses21,000Accum. Depr- Fixed assets36,000Salary and Wages Expense105,000Unearned Rent (Liability)56,000Rent Expense15,000Requireda. Prepare the necessary adjusting entries for the following items as not yet recorded on Dec-31-2019:i. The office supplies consumed during the year is Br 8,000ii. The Unexpired part of insurance is only Br 26,000iii. Br 30,000 is earned sales revenues from the unearned advance collectioniv. Salary and wages accrued as on 31-Dec-2019 amounts to be Br 18,000v. Depreciation Expenses allocated for the year amounts to be Br 15,000vi. There are accrued interest of Br 8,000 on…