2018 | 2019 | |
income statement | ||
Consulting revenue | 1980 | 5100 |
total revenue | 1980 | 5100 |
salary expense | -900 | -1500 |
insurance expense | -300 | -410 |
net income | 780 | 3190 |
stockholders equity | ||
beginning common stock | 0 | 2000 |
add:common stock issued | 2000 | 3000 |
ending common stock | 2000 | 5000 |
beginning retained earnings | 0 | 680 |
add:net income | 780 | 3190 |
less:dividends | -100 | -300 |
ending retianed earnings | 680 | 3570 |
total stockholders equity | 2680 | 8570 |
Balance sheet | ||
cash | 4920 | 8650 |
accounts receivale | 300 | 200 |
prepaid insurance | 60 | 70 |
total assets | 5280 | 8920 |
salaries payable | 200 | 350 |
unearned revenue | 2400 | 0 |
total liabilties | 2600 | 350 |
common stock | 2000 | 5000 |
retained earnings | 680 | 3570 |
total stockholders equity | 2680 | 8570 |
total liabilties & equity | 5280 | 8920 |
cash flows | ||
cash flow form operating activites | ||
cash receipts from consulting revenue | 4080 | 2800 |
cash payments for salaries | -700 | -1350 |
cash paments for insurance | -360 | -420 |
net cash flow operating activities | 3020 | 1030 |
cash flow form investing activities | 0 | 0 |
cash flow from financing activities | ||
common stock issue | 2000 | 3000 |
dividends paid | -100 | -300 |
net cash inflow form financing activities | 1900 | 2700 |
change in cash | 4920 | 3730 |
opening cash balance | 0 | 4920 |
ending cash balance | 4920 | 8650 |
*Do not use journal entries format* Demonstration Problem 2-2: Accruals and Deferrals Part A Smith Company...
Required information C4-2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) (LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6) [The following information applies to the questions displayed below.) Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January...
Yard Designs (YD) experienced the following events in 2018, its first year of operation: On October 1, 2018, YD collected $20,400 for consulting services it agreed to provide during the next 12 months. Adjusted the accounts to reflect the amount of consulting service revenue recognized in 2018. Required Based on this information alone Record the events under an accounting equation. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting period. Ignoring all other future...
CAPSTONE Journal Entries The following information applies to the questions displayed below.] Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Debit Credit Cash $ 6 Accounts Receivable 2 Supplies 2 Equipment 9 Accumulated Depreciation $ 2 Software 7...
Demonstration Problem 5-1: Accounting for Uncollectible Receivables The Solo Company was started on January 1, 2018. The following events occurred during 2018 and 2019. 2018 1. Provided $4,000 of services on account. 2. Collected $3,000 cash from accounts receivable. 3. Estimated uncollectible accounts expense to be 1.5 percent of 2018 credit sales. 2019 1. Wrote off $40 of accounts receivable that were deemed uncollectible. 2. Provided $6,500 of services on account. 3. Collected $5,400 cash from accounts receivable. 4. Received...
1) During 2018, the following events occurred for Parker Company Parker receives $39,600 cash in advance from Westberry Company for consulting services to be performed over a one-year period beginning April 1, 2018. Provided $52,400 of consulting services on account. Collected $14,700 cash from customers in partial settlement of its accounts receivable. Parker recognizes the portion of the unearned revenue it earned during the accounting period. After recording all these transactions, Parker’s total revenue will be $______ 2) During 2018,...
Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows the amounts are rounded to thousands of dollars to simplify): Debit Credit Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-ters) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock Retained Earnings Service Revenue...
Required information Exercise 3-22A Recording events in the general journal, posting to T-accounts, and preparing closing entries LO 3-1, 3-2, 3-3, 3-4 [The following information applies to the questions displayed below.) At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 27,300 Accounts receivable 19,600 Accounts payable 12,800 Common stock 23,700 Retained earnings 10,400 The following events apply to Oak Consulting for Year 2: 1. Provided $67,700 of services on...
The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $48,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,400 cash. Apr. 10 Purchased $880 of supplies on account. July 1 Received $28,000 cash in advance for services to be provided over the next year. 20 Paid $660 of the accounts payable from April 10. Aug. 15 Billed a customer $9,300 for...
The following events apply to Equipment Services Inc. in its first year of operation: Acquired $60,000 cash from the issue of common stock. Received an $8,200 cash advance for services to be provided in the future. Purchased $2,000 of supplies on account. Earned $36,000 of service revenue on account. Incurred $16,100 of operating expenses on account. Collected $28,500 cash from accounts receivable. Made a $15,100 payment on accounts payable. Paid a $2,000 cash dividend to the stockholders. Recognized $1,600 of...
I need PART E and PART F. PLEASE AND THANK YOU ! Required information Problem 3-32A Comprehensive problem: single cycle LO 3-1, 3-2, 3-3, 3-4 (The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $48,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $15,400 cash. Apr. 10 Purchased $770 of supplies on...