The following information applies to the questions displayed below.] On December 1, JasminErnst organized Ernst Consulting. On December 3, the owner contributed $82, 780 in assets tolaunch the business. On December 31, the company's records show the following items andamounts. Cash $ 15,760 Cash withdrawals by owner $ 640 Accounts receivable 12,590 Consultingrevenue 12,590 Office supplies 1,960 Rent expense 2, 270 Land 46,030 Salaries expense 5, 450Office equipment 16,580 Telephone expense 760 Accounts payable 7, 250 Miscellaneousexpenses 580 Owner investments 82,780

The income statement is a financial statement which shows the total revenue and total expenditure of…

Answered: Owner investments 82,780

Business

Accounting

Owner investments 82,780

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...

See similar textbooks

Similar questions

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.
Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.
need complete and correct answer without copy paste with all working 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 $84,200 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 Saved $10,710 Cash dividends Consulting revenue 14,600 3,450 18,170 Salaries expense Rent expense 46,030 Telephone expense 8,630 Miscellaneous expenses 84,200 ERNST CONSULTING Income Statement Using the above information prepare a December income statement for the business. $ 2,180 14,600 3,750 7,160 780 600
Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,050 in assets to laune the business. On October 31, the company's records show the following items and amounts. $ 7,950 15,040 4,200 46,010 19,060 9,430 85,050 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,070 15,040 4,530 8,090 880 690 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments
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
The cash transactions for the first month of operation of a sole trader business are as follows; Date Transactions01/06/2021 The owner contributed $50,000 into business account07/06/2021 Received $30,000 for service rendered12/06/2021 Paid $3,000 for advertising15/06/2021 Paid rent for June, $5,000.20/06/2021 Withdrew $7,000 from the business bank account for personal use23/06/2021 Customer made a partial payment of $2,000 on an outstanding bill24/06/2021 Purchased equipment in cash for $8,00027/06/2021 Paid $2,500 on the open account relating to previous credit purchase28/06/2021 Paid wages of $4,50030/06/2021 Paid $500 for utilities usedBased on the cash transactions above, complete the cash ledger using a three column format.Note: You need to select [-] if no amount is required to enter.Cash at Bank Date Description Debit Credit Balance01/06/2021 brought down $001/06/2021 07/06/2021 12/06/2021 15/06/2021 20/06/2021 23/06/2021 24/06/2021 27/06/2021 28/06/2021 30/06/2021
Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,890 in assets to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 15,140 Cash withdrawals by owner $ 830 Accounts receivable 12,720 Consulting revenue 12,720 Office supplies 2,110 Rent expense 2,380 Land 46,010 Salaries expense 5,620 Office equipment 16,780 Telephone expense 780 Accounts payable 7,360 Miscellaneous expenses 600 Owner investments 82,890 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ***Can you please help me with what I am missing any why?
Prepare the following journal entry, all transactions that occurred in January: The Corporation purchased a Delivery Van for customer deliveries. The Delivery Van cost $21,400. A down payment of cash in the amount of $5,000 was paid to the Car Dealership, and a promissory note was signed for the remaining amount owed.
Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,890 in assets to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 15,140 Cash withdrawals by owner $ 830 Accounts receivable 12,720 Consulting revenue 12,720 Office supplies 2,110 Rent expense 2,380 Land 46,010 Salaries expense 5,620 Office equipment 16,780 Telephone expense 780 Accounts payable 7,360 Miscellaneous expenses 600 Owner investments 82,890 Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Also assume the following: The owner’s initial investment consists of $36,880 cash and $46,010 in land. The company’s $16,780 equipment purchase is paid in cash. Cash paid to employees is $370. The accounts payable balance of…
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
Below were selected transactions of FDNACCT Services for the month of September: • Paid rent for the month, P43,000 • Received the electricity bill, P17,000 • Paid salary of the secretary, P29,000 • Paid water bill, $4,400 Based on these transactions alone, how much was the total amount credited to Cash account?