Walston Company provides consulting services. Here are the account totalsfor the month ended September 30, 2019.CASH$35,000NOTES PAYABLE$20,00016,0005,000ACCOUNTS RECEIVABLECAPITAL, SEPTEMBER 140,000SUPPLIESSERVICE REVENUE120,000EQUIPMENT40,000TOTAL EXPENSES110,000ACCOUNTS PAYABLE28,000OWNER DRAWINGS2,000Using the data above, create an income statement, owner's equity statement and balance sheet.On the balance sheet, the assets must equal liabilities + owner's equity.Walston CompanyIncome StatementFor Month Ended 9/30/19Walston CompanyWalston CompanyBalance Sheet9/30/19Owner's Equity StatementFor Month Ended 9/30/19CAPITAL, 9/1/19+ NET INCOME FOR SEPTEMBERSUBTOTALCASHACCOUNTS RECEIVABLESUPPLIESEQUIPMENTTOTAL ASSETSSERVICE REVENUE10ACCOUNTS PAYABLETOTAL EXPENSESNET INCOME10NOTES PAYABLE10TOTAL LIABILITIESDRAWINGS10WALSTON CAPITALloCAPITAL, 9/30/19TOTAL LIAB & OE10

Equity: It is the amount shareholder invested in the company. This is the difference between total…

Answered: Walston Company provides consulting…

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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Required information [The following information applies to the questions displayed below.] The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. June 12, 2021 Provide services to customers on account for $39,200. September 17, 2021 Receive $23,500 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received. March 4, 2022 Provide services to customers on account for $54,200. May 20, 2022 Receive $10,000 from customers for services provided in 2021. July 2, 2022 Write off the remaining amounts owed from services provided in 2021. October 19, 2022 Receive $43,500 from customers for services provided in 2022. December 31, 2022 Estimate that 45% of accounts receivable at the end of the year will not be received. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts.
Below are the titles of a number of debit and credit accounts as they might appear on the statement of financial position of Hayduke ASA as of October 31, 2022. Select the Current Asset, Current Liability, Borderline, and Not a Current Item from among these debit and credit accounts. Debit Interest Accrued on Government Securities Notes Receivable Petty Cash Fund Government Securities Treasury Shares Current Asset Current Liability Borderline Not a Current Item Credit Share Capital-Preference 6% First Mortgage Bonds, due in 2029 Preference Dividend, payable Nov. 1,2022 Allowance for Doubtful Accounts Customers' Advances (on contracts to be completed next year)
You work as a freelance accounting professional and have been recently engaged by the auditors of Life-Positive Inc. for an assignment. In examining the company's records, you have extracted the following information: Life-Positive's Account 2021 ($) Balances 2022 ($) Accounts Payable 24,600.00 21,250.00 Accounts receivable 15,700.00 12,340.00 Cash 23,450.00 28,600.00 Cost of goods sold 19,700.00 23,000.00 Depreciation 3,090.00 4,590.00 Dividends 5,800.00 10,800.00 Interest 2,340.00 2,890.00 Inventory 7,050.00 8,640.00 Long-term debt 28,000.00 30,000.00 Net fixed assets 41,500.00 48,000.00 Other expenses 2,400.00 2,800.00 Sales 58,000.00 62,500.00 Short-term Notes Payable 2,890.00 2,340.00 Shares outstanding 85,000.00 90,000.00 The tax rate is 32% Required: T 1. For the year ending 2022, determine the Net New Equity, Change in Net Working Capital, Net Capital Spending and Operating Cash flow. 2. Calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders…
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
The following balance sheet is for the Ballyhoo Company forfiscal year-end 2014. Please fill in all missingdata. Assets Liabilities and Equity_____________ Cash $4,300 Accountspayable $2,340 Accounts receivable _____ Notespayable 4,300 Inventories 8,200 Accruals 1,620 Total current assets$14,300 Total currentliabs. _____ Gross plant and equip._____ Long-termbonds _____ Less: accum depr. 5,630 Totaldebt $13,100 Net plant and equip. _____ Common stock(100 shares) 6,300 Retainedearnings _____ Total Common equity $13,800 TotalAssets _______ Preferred Stock _____ Total liabs &equity $30,000
From the details given below prepare aTrial Balance as at March 31, 2018. Purchases 80,000 Salaries & Wages 42,500 Discount (Dr.) . 6,500 Sales 1,50,000 Travelling Expenses 2,500 Carriage Outwards 225 Carriage Inwards 1,375 Repairs 1,500 Insurance 750 Miscellaneous Expenses 275 Commission Paid 1,625 Buildings 20,000 Rent and Rates 2,500 Machinery 7,500 Cash in hand 125 Horses and Carts 2,500 Cash at bank 13,625 Stock in Trade (1-4-2017) 29,500 Sundry Debtors 16,025 Capital 68,525 Sundry Creditors 10,500 (Answer: Total of Trial Balance Rs. 2,29,025.) PreviousNext
1. Prepare a Classified Statement of Assets & Liabilities as at 30th June 2023 Cash receipts and payments for the year ended 30th June 2023: Cash Receipts: Subscriptions 11,000 Bar sales Hire of function room $ Bank Bar inventory 30,000 5,300 Assets & Liabilities as at $46,300 Subscription in arrears Subscription in advance Bar equipment - at cost Accumulated depreciation bar equipment Bank Loan (Due 30/6/17) Accounts payable (bar) Accrued bar wages Prepaid rent expense Cash Payments: Bar purchases 12,000 Payments to accounts payable Telephone Insurance Cleaner's wages Electricity Bar wages Bank Loan interest Rent paid 1 July 2022 15,000 2,600 220 800 35,000 5,000 16,000 1,000 O 0 $ ? 6,000 900 1,200 1,500 800 5,000 2,900 10,000 $40,300 30 June 2023 2,400 880 270 35,000 6,000 16,000 2,000 100 500
Modupe owns a retail shop. The following are the list of balances extracted from his books of accounts on 31 December 2019. Description Amount Pula Drawings 5,500.00Net Profit 21,100.00Capital 72,000.00Long term loan 10,000.00Creditors 2,500.00Cash in hand 500.00Cash in Bank 8,000.00Debtors 3,000.00Inventory 12,000.00Land Buildings 40,200.00Vehicles 28,400.00Equipment 8,000.00Required: Prepare a Balance Sheet / Statement of Financial Position for Modupe as at 31 December 2019.
The income statement of Mus Plaga Services for the year ending 31 May 2021 showed service revenue of $98 000. Sales made by the business is 80% received in cash and the remaining on account. The balance sheet as at 31 May 2020, showed accounts receivable of $12 700 and the 2021 balance sheet showed customers owned the business $14 500 from credit sales.Calculate the cash received from customers.A. 96 200 B. 98 000 C. 78 400 D. None of the other answers E. 99 800
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Prepare the SFP in Report Form
Accounting

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