! Required information 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 $85,460 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 Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 Add: Net income $6,650 Cash dividends 18,650 Consulting revenue 4,640 Rent expense 19,560 Salaries expense 46,000 Telephone expense 9,890 Miscellaneous expenses 85,460 Less: Dividends Retained earnings, December 31 $ $ 0 $ 3,490 18,650 4,920 8,500 890 700 3,640 3,640 3.490 150

! Required information 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 $85,460 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 Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 Add: Net income $6,650 Cash dividends 18,650 Consulting revenue 4,640 Rent expense 19,560 Salaries expense 46,000 Telephone expense 9,890 Miscellaneous expenses 85,460 Less: Dividends Retained earnings, December 31 $ $ 0 $ 3,490 18,650 4,920 8,500 890 700 3,640 3,640 3.490 150

Name: 9 !Required informationUse the following information for the Exercises
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Description: 9 !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,

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 38E: Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on...

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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.
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 $82,650 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash with $ 15,200 12,410 Consultin 1,770 Rent expe 46,080 16,450 Telephone 6,060 Miscellan 82,650 Cash Accounts receivable Office supplies Land Salaries Office equipment Accounts payable Owner investments Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint: J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity J. Ernst, Capital, December 1 $ $
Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show following assets and liabilities as of December 31 fo and Year 2. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Equity, December 31, Year 1 Add: Owner's investment Add: Net income Year 1 $ 47,584 25,829 4,074 125,071 48,942 Less: Dividends 0 0 67,905 0 Year 2 $ 8,053 20, 250 2,984 133, 224 2. Compute net income for Year 2 by comparing total equ these two years and using the following information: Durir owner invested $32,000 additional cash in the business in common stock, and the company paid a $24,000 cash div 57,942 163,152 40,713 33,679 103,865 0
Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books
.ComDino takeASSignmenu takeASsigmentMain.do?invoker=assignments&takeAssignmentSessionLocator%=Dassignment-take&inpro. Q < Show oie riow Entries for Receipt and Dishonor of Notes Receivable Journalize the following transactions in the accounts of Safari Games Co., which operates a riverboat casino. Assume 30O days in a year. For a compound transaction, I an amount box does not require an entry, leave it blank. Apr. 18. Received a $60,000, 30-day, 7% note dated April 18 from Glenn Cross on account. 30. Received a $42,000, 60-day, 8% note dated April 30 from Rhoni Melville on account. May 18 The note dated April 18 from Glenn Cross is dishonored, and the customer's account is charged for the note, including interest. June 29. The note dated April 30 from Rhoni Melville is'dishonored, and the customer's 'account is charged for the note, including interest. Aug. 16. Cash is received for the amount due on the dishonored note dated April 18 plus Interest for 90 days at 8% on the total amount…
What is the spcial journal of the following statements : Invested cash of 250,000 and merchandise of 50,000 to open the business. Deposited 200,000 of the cash investment with citibank Sold merchandise on account to Rustan, 11,760 Terms: 2/10, n/30. Inovice no.801 Sold merchandise on account to Robinson's, 8,960. Terms: n/30. Paid Evergreen the amount owed on the May 14 purchase (May 14- Purchased merchandise on account from Evergreen, 28,000. Terms 1/10, n/30. Invoice no. 801.
Mundt Services uses the following accounts.Cash Accounts Receivable - J. LepowskySupplies Prepaid InsuranceAccounts Payable - Southern SuppliesMikaela Mundt, Capital Mikaela Mundt, DrawingSales Advertising ExpenseUtilities ExpenseTransactions: Aug. 1. Mikaela Mundt invested $ 2,000.00 of her own money in thebusiness. Receipt No. 1.3. Used business cash to purchase supplies costing $ 216.00. Wrote CheckNo. 1. 4. Wrote Check No. 2 for insurance, $ 245.00.5. Purchased supplies for $ 68.00 over the phone from SouthernSupplies, promising to send the check next week. Memo No.1. 11. Sent Check No. 3 to Southern Supplies, $ 68.00.12. Sent a check for the electricity bill, $ 180.00. Check No. 4.15. Wrote an $ 800.00 check to Ms. Mundt as a withdrawal of equity forpersonal use. Used Check No. 5. 16. Sold services for $ 412.00 to J. Lepowsky, who agreed to pay for themwithin ten days. Sales Invoice No. 1.17. Recorded cash sales of $ 1,179.00. Calculator tape dated August $17.T17. 18. Paid $…
Use the following question to answer a question that follows. Lorato and Loago’s Trial Balance as at 31 December 2001 Dr Cr Capital accounts: Lorato 100000 Loago 50000 Current accounts: Lorato 200 Loago 600 Cash drawings for the year: Lorato 15000 Loago 10000 Freehold premises at cost 50000 Inventory at 1 January 2021 75000 Fixtures and Fittings at cost 15000 Purchases and purchase returns 380000 12000 Bank 31600 Sales and sales Returns 6000 508000 Accounts receivables and accounts payables 52400 33300 Carriage inwards 21500 Carriage outwards 3000 Staff salaries 42000 VAT 8700 Office expenses 7500 Provision for doubtful debts 2000 Advertising 5000 Discounts received 1000 Discounts Allowed 1200 Bad debts 1400 Rent and business rates 2800 Accumulated provision for depreciation offixtures and fittings 3000 720000 720000 At 31 December 2021:a. Inventory on hand was valued at P68, 000b.…
Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Cash Accounts receivable office supplies office equipment Trucks Building Land Accounts payable Note payable Balance Sheet Balance Sheet Year 1 Year 2 Year 1 $ 64,300 26,240 3,160 44,000 148,000 Total assets 0 0 Assets 3,500 0 Required: 1. Prepare balance sheets for the business as of December 31 for Year 1 and for Year 2. Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. $ Year 2 $ 15,640 19,100 1,960 44,000 157,000 Complete this question by entering your answers in the tabs below. 80,000 60,000 33,500 40,000 Prepare the balance sheet for the business as of December 31 for Year 1. Hint: Report only total equity on the balance sheet and remember that total equity equals…
! Required information [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $2,600 cash during the year. $ 11,600 10,600 7,600 6,600 14,200 17,600 22,200 14,600 36,200 25,200 21,600 13,600 9,600 Cash Accounts receivable Supplies Equipment Accounts payable Armani, Capital, December 31, prior year Armani, Capital, December 31, current year Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses Required: Prepare the current year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31 Assets Liabilities Total liabilities Equity Total assets Total liabilities and equity
Activities: Prepare an Accounts Receivable Subsidiary Ledger of the following transactions. Write your answer on a separate sheet of paper. Activity 1 Prepare the Accounts Receivable Subsidiary Ledger for XYZ Company for the year ended on December 31, 2020. IV. December 1: The opening balance for Mr. James and Mr. John is P 250,000 andP 450,000. Sold goods to Mr. James on credit for P 300,000. Received payments from Mr. James, P250,000 Received payments Mr. John, P450,000 December 4: December 12: December 16: Activity 2 Prepare the Accounts Receivable Subsidiary Ledger for ABC Company for the year ended on August 31, 2019. Aug. 1: Aug. 3: Aug. 13: Aug. 20: The opening balance for Ms. Santos and Ms. Cruz is P 200,000 and P 400,000. Sold goods to M Williams on credit for P 350,000. Received payments from M Williams, P200,000 Received payments T George, 400,000 Activity 3 Prepare the Accounts Receivable Subsidiary Ledger for XXX Company for the year ended on July 31, 2020. July. 1: July…
! Required information [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $2,600 cash during the year. $ 11,600 10,600 7,600 6,600 14,200 17,600 22,200 14,600 36,200 25,200 21,600 13,600 9,600 Cash Accounts receivable Supplies Equipment Accounts payable Armani, Capital, December 31, prior year Armani, Capital, December 31, current year Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses Required: Prepare the statement of owner's equity for Armani Company for the current year ended December 31. ARMANI COMPANY Statement of Owner's Equity For Current Year Ended December 31 Armani, Capital, December 31, prior year Armani, Capital, December 31, current year $