Homework Answers
| Compuation of Owner Equity Statement | |
|
Beginning Balance of Owner
Equity ( Asset - Liabilities) ( 96000-62000) |
$34,000.00 |
|
Add: Net Income (Service revenue -Expense) ( 335000-211000) |
$124,000.00 |
| Less: Drawings | $90,000.00 |
| Ending Balance of Owner Equity | $68,000.00 |
| Working Note Computation of Drawing |
| Drawing = Beg Bal Equity +Net Income -End Equity |
| =34000+124000-68000= $90000 |
| * Ending Equity= 168000-100000=$68000 |
| Journal Entry | |||
| S. No. | Account Tittle | Debit | Credit |
| 1 | Cash | $4,000.00 | |
| Ba Halladay's Capital | $4,000.00 | ||
| To Record Capital Invested | |||
| 2 | Rent Expense | $840.00 | |
| cash | $840.00 | ||
| To Record Rent Paid | |||
| 3 | Account Receivable | $5,200.00 | |
| service revenue | $5,200.00 | ||
| 4 | Ba Halladay's Drawing | $750.00 | |
| Cash | $750.00 |
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Question 2 (5 points) Presented following is information related to the sole proprietorship of Alice Henning,...
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$337,000Total expenses—2020207,000Assets, January 1, 202093,000Liabilities, January 1, 202054,000Assets, December 31, 2020170,000Liabilities, December 31, 2020105,000Drawings—2020?Prepare the 2020 owner’s equity statement for Susan Wilson’s legal
practice. (List items that increase owner's equity
first.)SUSAN WILSON, ATTORNEYOwner’s Equity Statement For the Year Ended December 31,
2020December 31, 2020For the Month Ended December 31, 2020 DrawingsExpensesNet Income /
(Loss)Owner’s Capital, January 1Owner’s Capital, December
31RevenuesTotal ExpensesTotal RevenuesInvestments$ AddLess: DrawingsExpensesNet Income /...
Presented below is information related to Alexis and Ryans, Attorneys at Law. Retained earnings, January 1,...
Presented below is information related to Alexis and Ryans, Attorneys at Law. Retained earnings, January 1, 2019 Legal service revenue-2019 Total expenses-2019 Assets, January 1, 2019 Liabilities, January 1, 2019 Assets, December 31,2019 Liabilities, December 31, 2019 Dividends-2019 S23,000 40.00 211,000 85,000 62,000 168,000 80,000 64,000 Instructions 2019 retained earnings statement for Alexis and Ryans Attorneys at Law
. UHTUWIIIg selected transactions. 1. Bo Halladay invested $4,000 cash in the business. 2. Paid office...
. UHTUWIIIg selected transactions. 1. Bo Halladay invested $4,000 cash in the business. 2. Paid office rent of $840. 3. Performed consulting services and billed a client $5,200. 4. Bo Halladay withdrew $750 cash for personal use. Journalize each transaction. Question 4 (10 points) The accounts in the ledger of Overnite Delivery Service contain the following balances on July 31, 2017. Accounts Receivable $7,642. Prepaid Insurance $1,968. Accounts Payable $8,396. Maintenance and Repairs Expense $961. Cash $ ? Service Revenue...
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Problem 3-6 The following are the trial balance and the other information related to Pearl Perez,...
Problem 3-6
The following are the trial balance and the other information
related to Pearl Perez, a consulting engineer.
PEARL PEREZ, CONSULTING ENGINEER
TRIAL BALANCE
DECEMBER 31, 2017
Debit
Credit
Cash
$29,500
Accounts Receivable
57,000
Allowance for Doubtful Accounts
$815
Supplies
1,880
Prepaid Insurance
1,940
Equipment
30,300
Accumulated Depreciation-Equipment
7,575
Notes Payable
7,200
Owner’s Capital
36,778
Service Revenue
115,887
Rent Expense (13 months of rent)
10,595
Salaries and Wages Expense
34,700
Utilities Expenses
1,720
Office Expense
620
Totals
$168,255
$168,255...
Question 15 (5 points) The following financial information is for Chesapeake Corporation are for the fiscal...
Question 15 (5 points) The following financial information is for Chesapeake Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal): Item/Account 2018 2017 Cash 40,000 $24,000 Accounts Receivable 49,000 52,000 Inventory 43,000 48,000 Current Liabilities 64,000 42,000 Net Sales (all credit) 550,000 485,000 Cost of Goods Sold 288,000 265,000 Use this information to determine the number of current ratio as of December 31, 2018: (Round & enter your answers to one decimal place and enter...
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Presented below is information related to the sole
proprietorship of Susan Wilson, attorney.Legal service revenue—2020$337,000Total expenses—2020207,000Assets, January 1, 202093,000Liabilities, January 1, 202054,000Assets, December 31, 2020170,000Liabilities, December 31, 2020105,000Drawings—2020?Prepare the 2020 owner’s equity statement for Susan Wilson’s legal
practice. (List items that increase owner's equity
first.)SUSAN WILSON, ATTORNEYOwner’s Equity Statement For the Year Ended December 31,
2020December 31, 2020For the Month Ended December 31, 2020 DrawingsExpensesNet Income /
(Loss)Owner’s Capital, January 1Owner’s Capital, December
31RevenuesTotal ExpensesTotal RevenuesInvestments$ AddLess: DrawingsExpensesNet Income /...
Presented below is information related to Alexis and Ryans, Attorneys at Law. Retained earnings, January 1, 2019 Legal service revenue-2019 Total expenses-2019 Assets, January 1, 2019 Liabilities, January 1, 2019 Assets, December 31,2019 Liabilities, December 31, 2019 Dividends-2019 S23,000 40.00 211,000 85,000 62,000 168,000 80,000 64,000 Instructions 2019 retained earnings statement for Alexis and Ryans Attorneys at Law
. UHTUWIIIg selected transactions. 1. Bo Halladay invested $4,000 cash in the business. 2. Paid office rent of $840. 3. Performed consulting services and billed a client $5,200. 4. Bo Halladay withdrew $750 cash for personal use. Journalize each transaction. Question 4 (10 points) The accounts in the ledger of Overnite Delivery Service contain the following balances on July 31, 2017. Accounts Receivable $7,642. Prepaid Insurance $1,968. Accounts Payable $8,396. Maintenance and Repairs Expense $961. Cash $ ? Service Revenue...
Accounting for managers -ACC 1003 Topic 5- Financial Statements Class Exercises E1-15B Presented below is financial information related to the 2017 operations of Williamson Company Maintenance and repairs expense $ 89,000 Property tax expense (on dock facilities) 11,000 Salaries and wages expense 150,000 Advertising expense 5,500 Ticket revenue 370,000 Instructions: Prepare the 2017 income statement for Williamson Company E1-14 Linda Pedigo is the sole owner of Wilderness Park, a trailer park near the Lake Tahoe National Recreation Area, Linda has...
Problem 3-6
The following are the trial balance and the other information
related to Pearl Perez, a consulting engineer.
PEARL PEREZ, CONSULTING ENGINEER
TRIAL BALANCE
DECEMBER 31, 2017
Debit
Credit
Cash
$29,500
Accounts Receivable
57,000
Allowance for Doubtful Accounts
$815
Supplies
1,880
Prepaid Insurance
1,940
Equipment
30,300
Accumulated Depreciation-Equipment
7,575
Notes Payable
7,200
Owner’s Capital
36,778
Service Revenue
115,887
Rent Expense (13 months of rent)
10,595
Salaries and Wages Expense
34,700
Utilities Expenses
1,720
Office Expense
620
Totals
$168,255
$168,255...
Question 15 (5 points) The following financial information is for Chesapeake Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal): Item/Account 2018 2017 Cash 40,000 $24,000 Accounts Receivable 49,000 52,000 Inventory 43,000 48,000 Current Liabilities 64,000 42,000 Net Sales (all credit) 550,000 485,000 Cost of Goods Sold 288,000 265,000 Use this information to determine the number of current ratio as of December 31, 2018: (Round & enter your answers to one decimal place and enter...
800 Problem 2 - (worth 5 Points) 2. Following is a list of account balances (except for owner's equity) of Wilson Moving as of December 31 of the first year of operation: Accounts Receivable $2,500 Accounts Payable 3,500 Salary Expense 4,500 Repairs Expense Truck 8,500 Equipment 6,300 Notes Payable 8,200 Cash 6,800 Supplies Expense 1,600 Service Revenue 31,900 Gasoline Expense 3,800 Salary Payable 200 The sole proprietor, J.D. Wilson, contributed $3,000 at the beginning of the year and made withdrawals...
Question 17 (2 points) Use the following information to answer questions 17-20. MARCOTTE MASONARY LTD. Statement of Financial Position December 31, 2015 $ 50,000 5,000 75,000 110,000 90,000 Accounts payable Salaries payable Mortgage payable Total liabilities $ 40,000 5,000 190,000 235,000 $220,000 Cash Prepaid insurance Accounts receivable Inventory Land Building -Accumulated depreciation Trademark -Accumulated amortisation Total assets Common shares Retained earnings Total shareholders' equity 200,000 105,000 305,000 160,000 60,000 $ 75,000 25,000 50,000 $540,000 Total liabilities and shareholders' equity $540,000...
2. (25 Points) Comparative balance sheet statements of Irving Inc. are presented below Irving Inc COMPARATIVE BALANCE SHEET ACCOUNTS December 31, 2017 and 2016 December 31 2016 S 20.000 48,000 (1,000) 50,000 2,000 10,000 40,000 250,000 (50,000) S369.000 2017 $ 25,000 45,500 (1,500) 55,000 3,000 13.000 70,000 231,000 (35,000) S406.000 Assets Cash Accounts Receivable Less: Allowance for Doubtful Accounts Iaventory Dividend Receivable Iavestments Land Buildings & Equip. Less Accumulatod depreciation Totals Liabilities Accounts Payable Salaries Payables Interest payable Income tax...
IV. (5 Points) Hartman, Inc. has prepared the following comparative balance sheets for 2017 and 2018: 2018 _2017 Cash $ 282,000 $ 153,000 Accounts receivable 139,000 117,000 Inventory 150,000 180,000 Prepaid expenses 18,000 27,000 Plant assets 1,295,000 1,050,000 Accumulated depreciation (450,000) (375,000) Patent 153.000 174.000 $1.587.000 $1.326,000 Accounts payable $ 153,000 $ 168,000 Accrued liabilities 60,000 42.000 Mortgage payable - 450,000 Preferred stock 525,000 - Additional paid-in capital preferred 120,000 Common stock 600,000 600,000 Retained earnings 129,000 - 66,000 $1,587,000...
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