On December 1, Jasmin Ernst organized Emst Consulting. On December 3, the owner contributed $84.000 in assets to launch the business. On December 31, the company's records show the following items and amounts Cash Accounts receivable office supplies Land office equipment Accounts payable Owner investments Assets Cash Accounts receivable Office supplies Office equipment Land Total asseta Use the above information to prepare a December 31 balance sheet for Ernst Consulting 5 11,360 Cash withdrawals by owner Consulting revenue Rent expense 14,000 3,250 46,000 Salaries expense 18,000 Telephone expense 00000 4,500 Miscellaneous expenses $4,000 ERNST CONSULTING Balance Sheet December 31 3250 Answer is not complete. 11.300 Accounts payable 14.000 32.610 Liabilities 18.000 46.000 Jasmin Emst, Capte Total labies and y Os O OF 8.500 Ⓒ 6.500 $ 2,000 14,000 3,550 7,000 760 500 500

On December 1, Jasmin Ernst organized Emst Consulting. On December 3, the owner contributed $84.000 in assets to launch the business. On December 31, the company's records show the following items and amounts Cash Accounts receivable office supplies Land office equipment Accounts payable Owner investments Assets Cash Accounts receivable Office supplies Office equipment Land Total asseta Use the above information to prepare a December 31 balance sheet for Ernst Consulting 5 11,360 Cash withdrawals by owner Consulting revenue Rent expense 14,000 3,250 46,000 Salaries expense 18,000 Telephone expense 00000 4,500 Miscellaneous expenses $4,000 ERNST CONSULTING Balance Sheet December 31 3250 Answer is not complete. 11.300 Accounts payable 14.000 32.610 Liabilities 18.000 46.000 Jasmin Emst, Capte Total labies and y Os O OF 8.500 Ⓒ 6.500 $ 2,000 14,000 3,550 7,000 760 500 500

Name: Do not give answer in image On December 1, Jasmin Ernst organized Emst
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Do not give answer in image On December 1, Jasmin Ernst organized Emst Consulting On December 3, the owner contributed $84.000 in assets tolaunch the business. On December 31, the company's records show the following items and amounts.CashAccounts re

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 5CP

See similar textbooks

Similar questions

On October 17, Nickle Company purchased a building and a plot of land for $582,300. The building was valued at $302,796 while the land carried a value of $279,504. Nickle paid $56,300 down in cash and signed a note payable for the balance. Required: Provide the journal entry for this transaction. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSNickle CompanyGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Office Equipment 17 Building 18 Truck LIABILITIES 21 Notes Payable 22 Accounts Payable 23 Unearned Revenue EQUITY 31 Marlene Nickle, Capital 32 Marlene Nickle, Drawing REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Maintenance Expense 59 Miscellaneous Expense
Record the following entries in the appropriate journals for Marshall Trading Limited for the year 2021 and then post to the appropriate ledger accounts: Jan 1: Proprietor introduced the following from his own funds in his business: a) Motor Vehicle valued at $1,500,000 b) Paid the first month's rent of $50,000 on behalf of the business c) Lodged cash of $100,000 to the business bank account d) Purchased inventory valued at $480,000 for resale in the business Jan 2: Bought computers on credit from Computers Wholesale Ltd. For $200,000 Sold goods on credit to B. Lamb for $70,000 Jan 5: Jan 7: Cash Sale of $45,000 was made. Jan 9: Purchases made on credit for $375,000 from Credit All Enterprises Jan 11: Good valued at $5,000 was returned by B. Lamb Jan 15: We returned defective goods to Credit All Enterprises valued at $15,000 Jan 20: Paid electricity bill online for $15,000 Jan 25: Paid salaries by way of direct transfer into staff bank accounts $60,000 Jan 26: Bought stationery for…
In alphabetical order below are balance sheet items for Robinson Company at December 31, 2022. Sandra Robinson is the owner of Robinson Company. Accounts payable Accounts receivable Cash Owner's capital Total Assets Liabilities $94,600 Prepare a balance sheet. (List Assets in order of liquidity.) Owner's Equity 72,400 45,700 23,500 ROBINSON COMPANY Balance Sheet For the Year Ended December 31, 2022 Assets Liabilities and Owner's Equity Total Liabilities and Owner's Equity $ $ $ 118,100 94,600 23,500 118,100
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: a.Prepare an income statement. b.Compare your income statement with the income statement that is available at the FedEx Corporation Web site, (http://investors.fedex.com). Click on Annual Report and Download Annual Report. What similarities and differences do you see?
Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
GRADED: Recording transactions in t-accountsTHE SMITH COMPANYUsing the business transactions below, complete T-accounts for the Smith Company. I have provideda blank sheet of t-accounts as an attachment to this assignment. The company started business onJune 1, 2019.a. John Smith, owner, invested $120,000 cash in the company.b. The company purchased $10,000 of office equipment on credit.c. The company billed a customer $2,000 as fees for services provided.d. The company paid $1,000 cash for the monthly rent.e. The company purchased office supplies for $500 cash.f. The company paid $300 for the utilities for the month.g. The company received $15,000 cash as fees for services provided to a customer.h. The company paid the secretary’s salary for the month, $3,000.i. John Smith withdrew $6,000 cash from the company for personal use.As you work this problem, be sure to label entries with the appropriate “letter” associated with thetransaction. Also, be sure to compute the T-account balances…
In alphabetical order below are balance sheet items for Robinson Company at December 31, 2022. Sandra Robinson is the owner of Robinson Company. Accounts payable Accounts receivable Cash Owner's capital $94,600 72,400 45,700 23,500 W Prepare a balance sheet. (List Assets in order of liquidity.) ROBINSON COMPANY Balance Sheet Assets Liabilities and Owner's Equity $ $ 17 $
The bookkeeper for Geronimo Company has prepared the following balance sheet at 31/12/2007 Balance sheet for (Geronimo Company) at 31/12/2007 liabilities and owner equity Assets ID ID Current assets: Short-term liabilities: Bills payable 40625 Account payable (A/P) 28000 Long-Term Liabilities: bonds payable 82350 Long-term notes payable. Owners' Equity: Cash 22000 22000 Account receivable(A/R) Ending inventory Fixed assets: 35000 Machinery and equipment Intangible assets: Patents 40000 54900 Capital 155500 Total Total 274500 If you know Current assets 50% from total assets, fixed assets 30% from total assets, Intangible assets 20% from total assets, Cash 50% from Current assets R/ Complete the balance sheet
Journalize the following: 1. On the books & records of Company A: On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April May 2. On the books & records of Company A: In January, Company A purchased Investment in XYZ for $100. Payment was made in cash. In March, Company A sold Investment in XYZ for $150. Payment was received in cash. 3. On the books & records of Company A: On April 1st, Company A paid $1,200 for insurance expense that covers the year 4/1/17-3/31/18. Record 4/1/17 entry for payment of $1,200 Record 4/30/17 journal entry 4. There are 2 parallel funds, Fund A and Fund B. Together, the funds will make an investment of $100k, with a 65/35 split. The investment will be paid in cash, however, Fund B does not currently have any cash so Fund…
The following extracts are provided from the statements of financial position of Dora and Diego at the year-end: Dora Diego $000 £000 Current assets Inventory 200 100 Receivables 540 160 Cash 240 80 Current liabilities Payables 320 180 Dora's statement of financial position includes a receivable of $40,000 due from Diego. In the consolidated statement of financial position what will be the correct amounts for receivables and payables? Payables Receivables A $460,000 $660,000 В $306,000 $660,000 C $294,000 $694,000 D $294,000 $654,000