Use the above information to prepare a December 31 balance sheet for Ernst Consulting. !Required informationUse the following information for the Exercises below. (Algo)[The following information applies to the questions displayed below.]On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,160 in assets inexchange for its common stock to launch the business. On December 31, the company's records show the following itemsand amounts.$ 7,52017,950 Consulting revenue4,31019,190 Salaries expense46,000 Telephone expense9,600 Miscellaneous expenses85,160$ 3,19017,9504,7208,220900710CashCash dividendsAccounts receivableOffice suppliesOffice equipmentLandAccounts payableCommon stockRent expense Exercise 1-20 (Algo) Preparing a balance sheet LO P2Use the above information to prepare a December 31 balance sheet for Ernst Consulting.ERNST CONSULTINGBalance Sheet

Name: Use the above information to prepare a December 31 balance sheet for E
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Description: Use the above information to prepare a December 31 balance sheet for Ernst Consulting. !Required informationUse the following information for the Exercises below. (Algo)[The following information applies to the questions displayed below.]On December

The financial statements are prepared by the business entity to show the performance of the…

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Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,160 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 7,520 Cash dividends 17,950 Consulting revenue 4,310 Rent expense 19,190 Salaries expense 46,000 Telephone expense 9,600 Miscellaneous expenses 85,160 $ 3,190 17,950 4,720 8,220 900 710

Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,160 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 7,520 Cash dividends 17,950 Consulting revenue 4,310 Rent expense 19,190 Salaries expense 46,000 Telephone expense 9,600 Miscellaneous expenses 85,160 $ 3,190 17,950 4,720 8,220 900 710

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 59P

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You are an accountant working for a company that has recently decided to incorporate. The company has incurred $4,300 for attorneys fees, promotion costs, and filing fees with the state of incorporation as a part of organizing the corporate entity. What is the journal entry to record these costs on March 13, assuming they are paid in cash?
Use the following information for the next two questions:The following relates to the transactions of GRIMACE FROWN Co. during 20x1:Directors' and officers' remuneration 8,000,000Post-employment benefits of officers 800,000Fringe benefits in the form of housing assistance to directors and officers 20,000,000Share options granted to officers 1,200,000Officers' expenses on travels, representation and entertainment subject to liquidation and reimbursement 400,000Loans to directors and officers 12,000,000Sales to related entities 40,000,000 A. How much is the amount of related party disclosures on GRIMACE’s separate financial statements?a. 30,000,000 b. 52,000,000 c. 82,000,000 d. 42,000,000 B. How much is the amount of related party disclosures on GRIMACE’s consolidated financial statements?a. 12,000,000 b. 30,000,000 c. 82,000,000 d. 42,000,000
Required information [The following information applies to the questions displayed below.] Munoz Company began operations on January 1, year 1, by issuing common stock for $35,000 cash. During year 1, Munoz received $63,600 cash from revenue and incurred costs that required $49,600 of cash payments. Prepare a GAAP-based income statement and balance sheet for Munoz Company for year 1, for the below scenario: c. Munoz is a manufacturing company. The $49,600 was paid to purchase the following items: (1) Paid $3,700 cash to purchase materials that were used to make products during the year. (2) Paid $1,880 cash for wages of factory workers who made products during the year. (3) Paid $23,720 cash for salaries of sales and administrative employees. (4) Paid $20,300 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a four-year life and a $2,300 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and…
[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,580 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 eamings, October 1 as $0. $ 9,390 16,020 3,830 45,980 18,55e 9, 860 84,580 Cash dividends Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 2,650 Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 16,020 4, 190 7,570 830 650 Exercise 1-15 Preparing an Income statement LO P2 Using the above information prepare an October income statement for the business. ERN ST CON SULTING Income Statement
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Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,160 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies Office equipment Land Accounts payable Common stock ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 Add: Net income Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. Less: Dividends $ $ 7,520 Cash dividends 17,950 4,310 19,190 46,000 9,600 85,160 $ Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,190 17,950 4,720 8,220 900 710 3,450 3,450 6,900 3,190 3,710
Consider the revenues and costs in 2019 for Spruce Decor Inc., an Alberta-based furniture company entirely owned by Mr. Harold Buford. Furniture Sales $600,000 Catalogue Salos Labour Costs $13,500 $345,000 $162,000 Materials Costs Advertising Costs Debt-Service Costs $26,000 $34,900 a. What would accountants detormine Spruce Decor's profits to be in 2019? Spruce Decor's profits in 2019 equal $ 45600 b. Suppose Mr. Buford has $375,000 of capital invested in Spruce Decor. Also suppose that oqually risky enterprises ean an 18 percent rate of return on capital. What is the opportunity cost for Mr. Buford's capital? The opportunity cost for Mr. Buford's capital is $ 67500 c. What are the economic profits for Spruce Decor in 2019?
Make a Ledger in this problem Assume that on December 2, 2020. Mr. David Started DB Accounting Firm in Tagbina with the following assets as initial investments: PARTICULARS Cash 15,000 Computers 40,000 Furniture 50,000 Supplies 10,000 December 02 The business was registered with DTI, BIR, and Mayor’s permit spending P300, P500, and P1,200, respectively. 05 Acquired printer amounting to P10,000 for cash 15 Received electricity bill used by the business, P600. 15 Acquired computer chairs and tables on account, P10,000 payable within five days 20 Issued 3 months promissory note amounting to 10,000 to settle the obligation for acquiring computer chairs 21 Mr. David withdrew P1,000 for personal use. 23 Used supplies amounting to 8,000 26 Collected P50,000 for audit service to client 28 Billed P80,000 to the client for tax consultancy performed. 29 Transportation expense incurred and paid, P2,000 30 Provided 10% allowance for depreciation for the use of office equipment and…
[The following information applles to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 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. Retalned earnings, October 1 as $0. $ 9,390 16,020 3,83e 45,98e 18,55e 9,e6e 84,580 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,650 16,e20 4,190 7,570 830 Cash Accounts receivable office supplies Land office equipment Accounts payable Common stock 650 Exercise 1-15 Preparing an income statement LO P2 Using the above Information prepare an October Income statement for the business. ERNST CONSULTING Income Statement For Month Ended October 31 Revenues Consulting revenue Expenses Rent expense Salaries expense Telephone expense Miscellaneous expenses Net income
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