Homework Answers
|
CANTU CORPORATION INCOME STATEMENT FOR THE MONTH ENDED DECEMBER 31 ,2019 |
||
| Revenue | ||
| Fees income | 97500 | |
| Expenses | ||
| supplies expense | 6500 | |
| Advertising expense | 2900 | |
| Depreciation expense -equipment | 1450 | |
| salaries expense | 17300 | |
| utilities expense | 2300 | |
| Total expense | (30450) | |
| Net operating income | 67050 | |
b)
|
CANTU CORPORATION STATEMENT OF OWNERS EQUITY FOR THE MONTH ENDED DECEMBER 31 ,2019 |
||
| Selena Cantu capital ,December 1 ,2019 | 108500 | |
| Net income | 67050 | |
| Selena Cantu Drawings | -7700 | |
| 59350 | ||
| Selena Cantu capital ,December 31 ,2019 | 167850 | |
|
CANTU CORPORATION BALANCE SHEET DECEMBER 31 ,2019 |
||
| Assets | ||
| cash | 77700 | |
| Accounts receivable | 12500 | |
| Supplies | 4600 | |
| Prepaid advertising | 14500 | |
| Total current asset | 109300 | |
| Equipment | 72500 | |
| Accumulated depreciation-equipment | (1450) | 71050 |
| Total asset | 180350 | |
| Liabilities and stockholders equity | ||
| Liabilities | ||
| Accounts payable | 12500 | |
| owners equity | ||
| Selena Cantu capital | 167850 | |
| Total liabilities and stockholders equity | 180350 | |
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Income Statement Debit Credit Account Name Cash Accounts Receivable Supplies Prepaid Advertising Equipment Accumulated Depreciation-Equipment Accounts...
The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed...
The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below. Incone Debit Credit Cash Accounts Receivable Supplies Prepaid Advertising Equipment Accumulated Depreciation Equipment Accounts Payable Selena Cantu, Capital Selena Cantu, Drawing Fees Income Supplies Expense Advertising Expense Depreciation Expense-Equipment Salaries Expense Utilities Expense Totals Net Income CANTU CORPORATION Worksheet Month Ended December 31, 2019 Adjusted Trial Trial Balance Adjustments Balance Debit Credit Debit Credit Debit Credit 77.400...
The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed...
The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below. Income Statement Debit Credit CANTU CORPORATION Worksheet Month Ended December 31, 2019 Adjusted Trial Trial Balance Adjustments Balance Debit Credit Debit Credit Debit Credit 76,300 76,300 11,199 11, 100 8,300 5,109 3,200 9,000 1,500 7,500 107,500 107,500 2,150 11,180 11,100 107,180 107,100 6,300 6,300 117,100 117,109 5,100 5,180 1,500 1,500 2,150 2,150 15,900 15,900 980 900 235,300...
Debit Credit Balance Balance Account Cash 21,805 Accounts Receivable 2,700 Office Supplies 160 Prepaid Insurance 1,100...
Debit Credit Balance Balance Account Cash 21,805 Accounts Receivable 2,700 Office Supplies 160 Prepaid Insurance 1,100 Equipment 8,200 Van 6,000 Accounts Payable 4,400 Wilhelm Kohl, Capital 25,000 Wilhelm Kohl, Drawing 2,900 Service Fees 15,500 Rent Expense 850 Wages Expense 800 Phone Expense 230 Gas and Oil Expense 155 Totals 44,900 44,900 Change in owner's equity: Check My Work All work saved. Rent Expense 850 Wages Expense 800 230 Phone Expense I Gas and Oil Expense 155 Totals 44,900 44,900 Change...
Account Debit Credit Cash $19,000 Accounts receivable 19,600 Supplies 3,000 Prepaid rent 2,100 Equipment 37,000 Accumulated...
Account
Debit
Credit
Cash
$19,000
Accounts
receivable
19,600
Supplies
3,000
Prepaid
rent
2,100
Equipment
37,000
Accumulated depreciation—equipment
$4,800
Accounts
payable
9,200
Interest
payable
1,050
Unearned
service revenue
1,000
Income
tax payable
2,400
Note
payable
18,000
Common
stock
15,000
Retained
earnings
5,000
Dividends
5,000
Service
revenue
99,050
Depreciation expense—equipment
1,900
Salary
expense
40,300
Rent
expense
11,000
Interest
expense
3,200
Insurance expense
3,800
Supplies
expense
2,100
Income
tax expense
7,500
Total
$155,500
$155,500
The adjusted trial balance for the year of Sneed...
At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers...
At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information Cash Accounts Receivable Office Supplies Office Equipment Accounts Payable Selena Cantu, Capital, September 1, 2019 Fees Income Advertising Expense Salaries Expense Telephone Expense Withdrawals $ 67,400 9, 2ΘΘ 8,000 76, 200 12, 6ΘΘ 54, 600 157, ΘΘΘ 14, 200 33, 200 2,800...
Credit $ Debit 14,500 34,000 1,000 5,000 24,000 80,000 $ Cash Accounts Receivable Supplies Prepaid Insurance...
Credit $ Debit 14,500 34,000 1,000 5,000 24,000 80,000 $ Cash Accounts Receivable Supplies Prepaid Insurance Land Equipment Accumulated Depreciation - Equipment Accounts Payable Uneared Service Revenue Owner's Capital Service Revenue Salaries and Wages Expense Supplies Expense Rent Expense Depreciation Expense 32,000 27,600 25,000 76,000 39,400 23,000 800 9,000 8,700 $ 200,000 $ 200,000 INSTRUCTIONS: Prepare an income statement and owner's equity statement for the month ended September 30, 2020. Prepare a balance s Be sure to not misspell account...
Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent...
Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue 6. Salaries of $710 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. DC not indent manually.)...
Debit Credit Cash Accounts Receivable Prepaid Insurance $3,850 5,650 4,480 42,000 $24,000 3,500 4,450 Equipment Accumulated...
Debit Credit Cash Accounts Receivable Prepaid Insurance $3,850 5,650 4,480 42,000 $24,000 3,500 4,450 Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends 3,875 8,000 2,255 10,500 99,600 49,400 17,250 2,200 Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense Totals Required: 4,950 5,400 $145,680 $145,680 Prepare a classified balance sheet for Sparrow at December 31, 2019 Sparrow Company Balance Sheet December 31, 2019 Assets Current assets: Total current...
At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers...
At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information. Cash $ 67,300 Accounts Receivable 9,100 Office Supplies 7,900 Office Equipment 76,100 Accounts Payable 12,500 Selena Cantu, Capital, September 1, 2019 54,500 Fees Income 156,900 Advertising Expense 14,100 Salaries Expense 33,100 Telephone Expense 2,700 Withdrawals 13,600 Required: Prepare a statement of...
Kohl's Home Repair Trial Balance May 31, 20-- Debit Credit Account Balance Balance Cash 21,805 Accounts...
Kohl's Home Repair Trial Balance May 31, 20-- Debit Credit Account Balance Balance Cash 21,805 Accounts Receivable 2,700 < Office Supplies 160 Prepaid Insurance 1,100 Equipment 8,200 Van 6,000 Accounts Payable Wilhelm Kohl, Capital Wilhelm Kohl, Drawing 4,400 25,000 2,900 Service Fees 15,500 Rent Expense 850 Wilhelm Kohl, Capital 25,000 Wilhelm Kohl, Drawing 2,900 Service Fees 15,500 850 Rent Expense Wages Expense 800 Phone Expense 230 Gas and Oil Expense 155 Totals 44,900 44,900 Change in owner's equity: $25,000 Wilhelm...
The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below. Incone Debit Credit Cash Accounts Receivable Supplies Prepaid Advertising Equipment Accumulated Depreciation Equipment Accounts Payable Selena Cantu, Capital Selena Cantu, Drawing Fees Income Supplies Expense Advertising Expense Depreciation Expense-Equipment Salaries Expense Utilities Expense Totals Net Income CANTU CORPORATION Worksheet Month Ended December 31, 2019 Adjusted Trial Trial Balance Adjustments Balance Debit Credit Debit Credit Debit Credit 77.400...
The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below. Income Statement Debit Credit CANTU CORPORATION Worksheet Month Ended December 31, 2019 Adjusted Trial Trial Balance Adjustments Balance Debit Credit Debit Credit Debit Credit 76,300 76,300 11,199 11, 100 8,300 5,109 3,200 9,000 1,500 7,500 107,500 107,500 2,150 11,180 11,100 107,180 107,100 6,300 6,300 117,100 117,109 5,100 5,180 1,500 1,500 2,150 2,150 15,900 15,900 980 900 235,300...
Debit Credit Balance Balance Account Cash 21,805 Accounts Receivable 2,700 Office Supplies 160 Prepaid Insurance 1,100 Equipment 8,200 Van 6,000 Accounts Payable 4,400 Wilhelm Kohl, Capital 25,000 Wilhelm Kohl, Drawing 2,900 Service Fees 15,500 Rent Expense 850 Wages Expense 800 Phone Expense 230 Gas and Oil Expense 155 Totals 44,900 44,900 Change in owner's equity: Check My Work All work saved. Rent Expense 850 Wages Expense 800 230 Phone Expense I Gas and Oil Expense 155 Totals 44,900 44,900 Change...
Account
Debit
Credit
Cash
$19,000
Accounts
receivable
19,600
Supplies
3,000
Prepaid
rent
2,100
Equipment
37,000
Accumulated depreciation—equipment
$4,800
Accounts
payable
9,200
Interest
payable
1,050
Unearned
service revenue
1,000
Income
tax payable
2,400
Note
payable
18,000
Common
stock
15,000
Retained
earnings
5,000
Dividends
5,000
Service
revenue
99,050
Depreciation expense—equipment
1,900
Salary
expense
40,300
Rent
expense
11,000
Interest
expense
3,200
Insurance expense
3,800
Supplies
expense
2,100
Income
tax expense
7,500
Total
$155,500
$155,500
The adjusted trial balance for the year of Sneed...
At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information Cash Accounts Receivable Office Supplies Office Equipment Accounts Payable Selena Cantu, Capital, September 1, 2019 Fees Income Advertising Expense Salaries Expense Telephone Expense Withdrawals $ 67,400 9, 2ΘΘ 8,000 76, 200 12, 6ΘΘ 54, 600 157, ΘΘΘ 14, 200 33, 200 2,800...
Credit $ Debit 14,500 34,000 1,000 5,000 24,000 80,000 $ Cash Accounts Receivable Supplies Prepaid Insurance Land Equipment Accumulated Depreciation - Equipment Accounts Payable Uneared Service Revenue Owner's Capital Service Revenue Salaries and Wages Expense Supplies Expense Rent Expense Depreciation Expense 32,000 27,600 25,000 76,000 39,400 23,000 800 9,000 8,700 $ 200,000 $ 200,000 INSTRUCTIONS: Prepare an income statement and owner's equity statement for the month ended September 30, 2020. Prepare a balance s Be sure to not misspell account...
Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue 6. Salaries of $710 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. DC not indent manually.)...
Debit Credit Cash Accounts Receivable Prepaid Insurance $3,850 5,650 4,480 42,000 $24,000 3,500 4,450 Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends 3,875 8,000 2,255 10,500 99,600 49,400 17,250 2,200 Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense Totals Required: 4,950 5,400 $145,680 $145,680 Prepare a classified balance sheet for Sparrow at December 31, 2019 Sparrow Company Balance Sheet December 31, 2019 Assets Current assets: Total current...
Kohl's Home Repair Trial Balance May 31, 20-- Debit Credit Account Balance Balance Cash 21,805 Accounts Receivable 2,700 < Office Supplies 160 Prepaid Insurance 1,100 Equipment 8,200 Van 6,000 Accounts Payable Wilhelm Kohl, Capital Wilhelm Kohl, Drawing 4,400 25,000 2,900 Service Fees 15,500 Rent Expense 850 Wilhelm Kohl, Capital 25,000 Wilhelm Kohl, Drawing 2,900 Service Fees 15,500 850 Rent Expense Wages Expense 800 Phone Expense 230 Gas and Oil Expense 155 Totals 44,900 44,900 Change in owner's equity: $25,000 Wilhelm...
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