Presented below is information related to the sole proprietorship of Susan Wilson, attorney.
Presented below is information related to the sole proprietorship of Susan Wilson, attorney.
| Legal service revenue—2020 | $337,000 | |
| Total expenses—2020 | 207,000 | |
| Assets, January 1, 2020 | 93,000 | |
| Liabilities, January 1, 2020 | 54,000 | |
| Assets, December 31, 2020 | 170,000 | |
| Liabilities, December 31, 2020 | 105,000 | |
| Drawings—2020 | ? |
Prepare the 2020 owner’s equity statement for Susan Wilson’s legal
practice. (List items that increase owner's equity
first.)
| SUSAN WILSON, ATTORNEY Owner’s Equity Statement
| |
| $
|
|
|
| |
|
|
| $
|
For the Year Ended December 31,
2020December 31, 2020For the Month Ended December 31, 2020Homework Answers
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Presented below is information related to the sole proprietorship of Susan Wilson, attorney.
For Ivanhoe Co., beginning capital balances on January 1, 2020, are Nancy Payne $23,800 and Ann...
For Ivanhoe Co., beginning capital balances on January 1, 2020, are Nancy Payne $23,800 and Ann Dody $22,200. During the year, drawings were Payne $8,200 and Dody $4,000. Net income was $33,800, and the partners share income equally. Prepare the partners’ capital statement for the year. (List items that increase partners' capital first.) IVANHOE CO. Partners’ Capital Statement choose the accounting period ...
Concord Corporation began operations on January 1, 2017. During its first 3 years of operations, Concord...
Concord Corporation began operations on January 1, 2017. During its first 3 years of operations, Concord reported net income and declared dividends as follows: Net income Dividends declared 2017 $49,200 $ –0– 2018 129,000 59,400 2019 160,800 56,400 The following information relates to 2020. Income before income tax $228,600 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $31,000 Cumulative decrease in income from change in inventory methods (before taxes) $45,000 Dividends declared (of this amount, $31,000 will be...
At the end of its first year of operations on December 31, 2020, Sandhill Company’s accounts...
At the end of its first year of operations on December 31,
2020, Sandhill Company’s accounts show the following.
Partner
Drawings
Capital
Art Niensted
$23,100
$45,000
Greg Bolen
14,200
38,500
Krista Sayler
10,500
28,500
The capital balance represents each partner’s initial capital
investment. Therefore, net income or net loss for 2020 has not been
closed to the partners’ capital accounts.
To record the division of net income for the year 2020 under each
of the following independent assumptions.
1.
Net...
Pearl Company reports pretax financial income of $65,800 for 2020. The following items cause taxable income...
Pearl Company reports pretax financial income of $65,800 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $16,700. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $20,500. 3. Fines for pollution appear as an expense of $10,200 on the income statement. Pearl’s tax rate is 30% for all years, and...
Booth Company had sales in 2020 of $1,715,000 on 68,600 units. Variable costs totaled $1,029,000 and...
Booth Company had sales in 2020 of $1,715,000 on 68,600 units. Variable costs totaled $1,029,000 and fixed costs totaled $536,000. A new raw material is available that will decrease the variable costs per unit by 20% (or $3.00). However, to process the new raw material, fixed operating costs will increase by $113,000. Management feels that two-thirds of the decline in the variable costs per unit should be passed on to customers in the form of a sales price reduction. The...
Exercise 16-10 a-b (Part Level Submission) (Video) At December 31, 2020, the trading securities for Cullumber,...
Exercise 16-10 a-b (Part Level Submission) (Video) At December 31, 2020, the trading securities for Cullumber, Inc. are as follows. Security Cost Fair Value A $17,900 $15,600 B 12,600 14,300 C 23,100 18,900 $53,600 $48,800 (a) Your answer is correct. Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account...
Question 2 (5 points) Presented following is information related to the sole proprietorship of Alice Henning,...
Question 2 (5 points) Presented following is information related to the sole proprietorship of Alice Henning, attorney. Legal service revenue-2017 $335,000. Total expenses-2017 $211,000. Assets, January 1, 2017 $96,000. Liabilities, January 1, 2017 $62,000. Assets, December 31, 2017 $168,000. Liabilities, December 31, 2017 $100,000. Drawings-2017 S? Prepare the 2017 owner's equity statement for Alice Henning's legal practice. Name Student ID... Question 3 (5 points) Halladay Enterprises had the following selected transactions. 1. Bo Halladay invested $4,000 cash in the business....
Skysong Corporation had net sales of $2,404,500 and interest revenue of $37,700 during 2020. Expenses for...
Skysong Corporation had net sales of $2,404,500 and interest revenue of $37,700 during 2020. Expenses for 2020 were cost of goods sold $1,466,900, administrative expenses $214,700, selling expenses $284,600, and interest expense $47,200. Skysong’s tax rate is 30%. The corporation had 100,400 shares of common stock authorized and 70,220 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Skysong Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) SKYSONG CORPORATION Income Statement choose the...
Pharoah Company is a private camping ground near the Mount Miguel Recreation Area. It has compiled...
Pharoah Company is a private camping ground near the Mount
Miguel Recreation Area. It has compiled the following financial
information as of December 31, 2017.
Service revenue (from camping fees)
$198,000
Dividends
$13,500
Sales revenue (from general store)
37,500
Notes payable
75,000
Accounts payable
16,500
Expenses during 2017
189,000
Cash
12,750
Supplies
8,250
Equipment
171,000
Common stock
60,000
Retained earnings (1/1/2017)
7,500
Determine Pharoah Company’s net income for 2017.
Pharoah Company’s net income for 2017
$enter Pharoah Company’s net income...
Sheridan Company began operations at the beginning of 2021. The following information pertains to this company....
Sheridan Company began operations at the beginning of 2021. The following information pertains to this company. 1. Pretax financial income for 2021 is $85,000. 2. The tax rate enacted for 2021 and future years is 20%. 3. Differences between the 2021 income statement and tax return are listed below: (a) Warranty expense accrued for financial reporting purposes amounts to $6,900. Warranty deductions per the tax return amount to $2,100. (b) Gross profit on construction contracts using the percentage-of-completion method per...
At the end of its first year of operations on December 31,
2020, Sandhill Company’s accounts show the following.
Partner
Drawings
Capital
Art Niensted
$23,100
$45,000
Greg Bolen
14,200
38,500
Krista Sayler
10,500
28,500
The capital balance represents each partner’s initial capital
investment. Therefore, net income or net loss for 2020 has not been
closed to the partners’ capital accounts.
To record the division of net income for the year 2020 under each
of the following independent assumptions.
1.
Net...
Question 2 (5 points) Presented following is information related to the sole proprietorship of Alice Henning, attorney. Legal service revenue-2017 $335,000. Total expenses-2017 $211,000. Assets, January 1, 2017 $96,000. Liabilities, January 1, 2017 $62,000. Assets, December 31, 2017 $168,000. Liabilities, December 31, 2017 $100,000. Drawings-2017 S? Prepare the 2017 owner's equity statement for Alice Henning's legal practice. Name Student ID... Question 3 (5 points) Halladay Enterprises had the following selected transactions. 1. Bo Halladay invested $4,000 cash in the business....
Pharoah Company is a private camping ground near the Mount
Miguel Recreation Area. It has compiled the following financial
information as of December 31, 2017.
Service revenue (from camping fees)
$198,000
Dividends
$13,500
Sales revenue (from general store)
37,500
Notes payable
75,000
Accounts payable
16,500
Expenses during 2017
189,000
Cash
12,750
Supplies
8,250
Equipment
171,000
Common stock
60,000
Retained earnings (1/1/2017)
7,500
Determine Pharoah Company’s net income for 2017.
Pharoah Company’s net income for 2017
$enter Pharoah Company’s net income...
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