Question
In: Accounting
Insurance Expense $12,000 Accounts Receivable $10,000 Cash 37,000 Notes Payable 15,000 Accounts Payable 13,000 Willis, Capital,...
|
Insurance Expense |
$12,000 |
Accounts Receivable |
$10,000 |
|
|
Cash |
37,000 |
Notes Payable |
15,000 |
|
|
Accounts Payable |
13,000 |
Willis, Capital, Dec. 31, 2018 |
? |
|
|
Advertising Expense |
2,000 |
Salaries Expense |
21,000 |
|
|
Service Revenue |
125,000 |
Equipment |
105,000 |
|
|
Willis, Withdrawals |
9,000 |
Owner contribution |
25,000 |
PrintDone
Accent PhotographyAccent Photography
works weddings and prom-type parties. The balance of
WillisWillis,
Capital was
$ 18 comma 000$18,000
at
DecemberDecember
3131,
20172017.
At
DecemberDecember
3131,
20182018,
the business's accounting records show these balances:
LOADING...
(Click the icon to view the accounts.)
|
Prepare the following financial statements for
Accent PhotographyAccent Photography for the year endedDecemberDecember 3131, 20182018: |
|
a. |
Income statement. |
|
b. |
Statement of owner's equity. |
|
c. |
Balance sheet. |
a. Prepare
Accent Photography'sAccent Photography's
income statement. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.)
|
Net Income |
||||
b. Prepare
Accent Photography'sAccent Photography's
statement of owner's equity.
Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal.
|
Willis, Capital, January 1, 2018 |
||
|
Willis, Capital, December 31, 2018 |
||
c. Prepare
Accent Photography'sAccent Photography's
balance sheet. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.)
|
Assets |
Liabilities |
||||
|
Owner's Equity |
|||||
Choose from any list or enter any number in the input fields and then continue to the next question.
Solutions
Expert Solution
| Accent Photography | ||||
| Income Statement | ||||
| For the month ended December 31, 2018 | ||||
| (a) | Revenues | |||
| Service revenue | $ 1,25,000 | |||
| Total revenues | ||||
| (b) | Expenses | |||
| Insurance expense | $ 12,000 | |||
| Advertising expense | $ 2,000 | |||
| Salaries Expense | $ 21,000 | |||
| Total expense | $ 35,000 | |||
| (a) - (b) | Net Income | $ 90,000 | ||
| Accent Photography | ||||
| Statement of Owner's equity | ||||
| For the month ended December 31, 2018 | ||||
| Willis, Capital, December 31, 2017 | $ 18,000 | |||
| Add: | ||||
| Owner's contribution | $ 25,000 | |||
| Net Income | $ 90,000 | |||
| $ 1,33,000 | ||||
| Less: | ||||
| Willis, witdrawals | $ 9,000 | |||
| Willis, Capital, December 31, 2018 | $ 1,24,000 | |||
| Accent Photography | ||||
| Balancesheet | ||||
| For the month ended December 31, 2018 | ||||
| Assets: | Liabilities: | |||
| Cash | $ 37,000 | Account Payable | $ 13,000 | |
| Accounts receivables | $ 10,000 | Notes Payable | $ 15,000 | |
| Equipment | $ 1,05,000 | Equity: | ||
| Owner's Equity | $ 1,24,000 | |||
| Total Assets | $ 1,52,000 | Total Liabilities and equity | $ 1,52,000 | |
ekkarill92 answered 2 years agoRelated Solutions
Current assets Current liabilities Cash $72,000 Accounts payable $12,000 Accounts receivable 18,000 Interest payable 12,000 Interest...
Current assets
Current liabilities
Cash
$72,000
Accounts payable
$12,000
Accounts receivable
18,000
Interest payable
12,000
Interest receivable
1,000
Inventory
60,000
Total current assets
$151,000
Total current liabilities
$24,000
Long-term assets
Long-term liabilities
Equipment (net of depreciation)
$128,000
Note payable
100,000
Total long-term assets
$128,000
Total long-term liabilities
$100,000
Equity
Common stock
10,000
Paid-in capital
50,000
Retained earnings
95,000
Total equity
$155,000
Total assets
279,000
Total liabilities and equity
$279,000
Yes the difference between account payable and accounts
receivable is required....
Insurance expense $10,000 Sales returns and allowances 22,400 Bad debt expense 6,000 Accounts payable 81,000 Accounts...
Insurance expense
$10,000
Sales returns and allowances
22,400
Bad debt expense
6,000
Accounts payable
81,000
Accounts receivable
108,590
Allowance for doubtful accounts
8,500
Accumulated depreciation – equipment
27,740
Depreciation expense
1,200
Interest revenue
2,100
Cash
80,970
Common stock (10,000 shares outstanding)
100,000
Cost of goods sold
598,550
Dividends declared
18,000
Equipment
139,450
General expenses
114,250
Dividends payable
2,000
Sales discounts
23,000
Interest expense
5,600
Paid-in capital in excess of par
110,000
Marketable Securities
12,000
Merchandise inventory
154,250
Prepaid insurance
11,225...
Insurance expense $10,000 Sales returns and allowances 22,400 Bad debt expense 6,000 Accounts payable 81,000 Accounts...
Insurance expense
$10,000
Sales
returns and allowances
22,400
Bad debt
expense
6,000
Accounts
payable
81,000
Accounts
receivable
108,590
Allowance for doubtful accounts
8,500
Accumulated depreciation – equipment
27,740
Depreciation expense
1,200
Interest
revenue
2,100
Cash
80,970
Common
stock (10,000 shares outstanding)
100,000
Cost of
goods sold
598,550
Dividends declared
18,000
Equipment
139,450
General
expenses
114,250
Dividends payable
2,000
Sales
discounts
23,000
Interest
expense
5,600
Paid-in
capital in excess of par
110,000
Marketable Securities
12,000
Merchandise inventory
154,250
Prepaid
insurance
11,225...
Assets Liabilities & Owners’ Equity Cash $500,000 Accounts Payable 0 Accounts Receivable $550,000 Notes Payable $600,000 Inventory...
Assets Liabilities & Owners’ Equity
Cash $500,000 Accounts Payable 0
Accounts Receivable $550,000 Notes Payable
$600,000
Inventory $750,000 Accruals $400,000
Total Current Assets $1,800,000 Total Current Liabilities
1,000,000
Net Plant & Equip $6,200,000 Long-Term Debt $4,000,000
Total Debt $5,000,000
Retained Earnings $1,500,000
Stockholders’ Equity $1,500,000
Total Equity 3,000,000
Total Assets $8,000,000 Total Liabilities & Owners’ Equity
$8,000,000
You currently work for Capital One Financial. The firm is
interested in pursuing a new banking project, but they are unsure
of where and...
Cash $30,000 Accounts receivable 63,800 Accounts payable 52,500 Short-term notes payable 11,000 Inventories 66,000 Gross fixed...
Cash
$30,000
Accounts receivable
63,800
Accounts payable
52,500
Short-term notes payable
11,000
Inventories
66,000
Gross fixed assets
1,061,000
Accumulated depreciation
86,000
Long-term debt
210,000
Common stock
480,000
Other assets
25,000
Retained earnings
?
Complete the part of the common-sized balance sheet
below. (Round to one decimal place.
NOTE:
Input the Accumulated depreciation account as a negative
value.)
Common-sized Balance Sheet
ASSETS
Cash
$
30,000
%
Accounts receivable
63,800
Inventories
66,000
Total current assets
$
159,800
%
Gross fixed assets
$...
Cash 20 Accounts payable 20 Accounts Receivable 30 Notes payable 50 Inventory 30 Long-term debt 80...
Cash
20
Accounts payable
20
Accounts Receivable
30
Notes payable
50
Inventory
30
Long-term debt
80
Net Fixed assets
180
Common Stock
90
Retained Earnings
20
Total assets
260
Total liabilities and equity
260
Sales for the year just ended were 400. The firm is operating at
much less than full capacity, so it will not need to increase fixed
assets. Sales are expected to grow by 5% next year, the profit
margin is 6%, and the dividend payout ratio...
Journalize the business transactions using these accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Clay Potter, Capital;...
Journalize the business transactions using these accounts: Cash;
Accounts Receivable; Supplies; Accounts Payable; Clay Potter,
Capital; Clay Potter, Drawing; Professional Fees; and Operating
Expenses.
(a)
Journalize following transactions of Potter Pool Services for
June, identifying each entry by number: Put them into T-accounts
for easier creation of a trial balance
(1)
Potter invested $12,500 cash in the business.
(2)
Purchased supplies on account, $6,250.
(3)
Paid operating expenses, $5,500.
(4)
Billed clients for fees, $7,440.
(5)
Received cash from...
Based on the following data, what is working capital? Accounts payable Accounts receivable Accrued liabilities Cash...
Based on the following data, what is working capital? $$ \begin{array}{lr} \text { Accounts payable } & \$ 30,000 \\ \text { Accounts receivable } & 60,000 \\ \text { Accrued liabilities } & 4,000 \\ \text { Cash } & 60,000 \\ \text { Intangible assets } & 50,000 \\ \text { Inventory } & 69,000 \\ \text { Long-term investments } & 80,000 \\ \text { Long-term liabilities } & 100,000 \\ \text { Marketable securities } & 50,000...
Cash $ 10,000 Accounts payable $ 30,000 Receivables 50,000 Notes payable 20,000 Inventories 150,000 Total current liabilities $ 50,000...
Cash
$ 10,000
Accounts payable
$ 30,000
Receivables
50,000
Notes payable
20,000
Inventories
150,000
Total current liabilities
$ 50,000
Total current assets
$ 210,000
Long-term debt
50,000
Net Fixed assets
90,000
Common equity
200,000
Total assets
$ 300,000
Total liabilities and equity
$ 300,000
Net Sales
200,000
Net income
15,000
Lloyd Inc. Has sales of $200,000, a net income of $15,000
(balance sheet posted above). The new owner thinks that inventories
are excessive and can be lowered to the point where the current...
Question 1 If accounts receivable increased from $12,000 to $15,000 during the year and if sales...
Question 1
If accounts receivable increased from $12,000 to $15,000 during
the year and if sales amounted to $100,000 for the year, cash
receipts from customers amounted to $103,000.
A. True
B.
False
Question 2
When net income is used as a starting point in measuring cash
flows from operating activities, there is no need to add
depreciation expense to net income.
A. True
B. False
Question 3
What is the acid-test ratio for the following data? Cash -
$34,000;...
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