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Question 14
Use the following information to calculate for the year ended December 31, 2020 (a) net income, (b) ending owner's equity, and (c) total assets.
Supplies | $ 4,600 | Revenues | $28,200 | ||||
Operating expenses | 12,600 | Cash | 16,600 | ||||
Accounts payable | 12,200 | Drawings | 2,600 | ||||
Accounts receivable | 4,600 | Notes payable | 3,600 | ||||
Beginning Capital | 6,600 | Equipment | 9,600 |
(a) | Net income | $enter a dollar amount | ||
(b) | Ending owner’s equity | $enter a dollar amount | ||
(c) | Total assets | $enter a dollar amount |
Question 16
The following is selected information related to Carla Vista Company at December 31, 2022. Carla Vista reports financial information monthly.
Accounts Payable | $ 3,879 | Salaries and Wages Expense | $21,333 | |||
Cash | 8,404 | Notes Payable | 32,322 | |||
Advertising Expense | 7,757 | Rent Expense | 13,575 | |||
Service Revenue | 69,170 | Accounts Receivable | 17,454 | |||
Equipment | 37,494 | Owner’s Drawings | 9,697 |
(a)
Determine the total assets of Carla Vista Company at December 31, 2022.
Total assets | $enter the total assets amount in dollars |
(b)
The parts of this question must be completed in order. This part will be available when you complete the part above.
(c)
The parts of this question must be completed in order. This part will be available when you complete the part above.
Question 17
Maria Miller opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,800, Supplies $400, Equipment $5,900, Accounts Payable $3,800, and Owner’s Capital $9,300. During August, the following transactions occurred.
1. | Collected $1,500 of accounts receivable. | |
2. | Paid $2,800 cash on accounts payable. | |
3. | Recognized revenue of $8,400 of which $2,500 is collected in cash and the balance is due in September. | |
4. | Purchased additional equipment for $2,300, paying $500 in cash and the balance on account. | |
5. | Paid salaries $1,900, rent for August $1,200, and advertising expenses $450. | |
6. | Withdrew $900 in cash for personal use. | |
7. | Received $1,000 from Standard Federal Bank—money borrowed on a note payable. | |
8. | Incurred utility expenses for month on account $230. |
(a)
Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.)
MARIA MILLER, ATTORNEY AT LAW | ||||||||||||||||||||||||
Assets | = | Liabilities | + | Owner’s Equity | ||||||||||||||||||||
| + | Accounts | + |
| + |
| = | Notes | + | Accounts | + | Owner’s | – | Owner’s | + |
| – |
| ||||||
Bal. | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | ||||||||||||||
1. | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||||||
2. | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||||||
3. | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||||||
4. | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||||||
5. | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||||||
6. | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||||||
7. | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||||||
8. | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||||||
$enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount |
(b1)
The parts of this question must be completed in order. This part will be available when you complete the part above.
(b2)
The parts of this question must be completed in order. This part will be available when you complete the part above.
(b3)
The parts of this question must be completed in order. This part will be available when you complete the part above.
Question 18
Debra King started her own consulting firm, Debra Consulting, on May 1, 2022. The following transactions occurred during the month of May.
May 1 | Debra invested $6,000 cash in the business. | |
Paid $950 for office rent for the month. | ||
Purchased $500 of supplies on account. | ||
Paid $130 to advertise in the County News. | ||
Received $3,800 cash for services performed. | ||
12 | Withdrew $1,100 cash for personal use. | |
15 | Performed $5,000 of services on account. | |
17 | Paid $2,100 for employee salaries. | |
20 | Made a partial payment of $300 for the supplies purchased on account on May 3. | |
23 | Received a cash payment of $3,500 for services performed on account on May 15. | |
26 | Borrowed $4,900 from the bank on a note payable. | |
29 | Purchased equipment for $4,300 on account. | |
30 | Paid $300 for utilities. |
(a)
Show the effects of the previous transactions on the accounting equation. (If a transaction results in a decrease in Assets, Liabilities or Owners Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.)
DEBRA CONSULTING | ||||||||||||||||||||||||
Assets | = | Liabilities | + | Owner’s Equity | ||||||||||||||||||||
|
| + | Accounts | + |
| + |
| = | Notes | + | Accounts | + | Owner’s | – | Owner’s | + |
| – |
| |||||
$enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||||||||||||||
enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||||||||||||||
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enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||||||||||||||
enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||||||||||||||
12 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||||||
15 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||||||
17 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||||||
20 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||||||
23 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||||||
26 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||||||
29 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||||||
30 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||||||
$enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount | = | $enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount |
(b)
The parts of this question must be completed in order. This part will be available when you complete the part above.
(c)
The parts of this question must be completed in order. This part will be available when you complete the part above.
Question 8
Selected transactions for Teal Mountain Company during its first month in business are as follows.
Sept. 1 | Invested $13,000 cash in the business. | |
Purchased equipment for $10,000 paying $4,400 in cash and the balance on account. | ||
25 | Paid $1,200 cash on balance owed for equipment. | |
30 | Withdrew $600 cash for personal use. |
Mountain’s chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 301 Owner’s Capital, and No. 306 Owner’s Drawings.
(a)
Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
choose a transaction date | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
Post the transactions using the standard account form. (Post the entries into ledger in the order presented in the previous part.)
Cash | No. 101 | ||||||||
Date | Explanation | Ref | Debit | Credit | Balance | ||||
choose a transaction date | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |||||
choose a transaction date | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |||||
choose a transaction date | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |||||
choose a transaction date | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |||||
Equipment | No. 157 | ||||||||
Date | Explanation | Ref | Debit | Credit | Balance | ||||
choose a transaction date | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |||||
Accounts Payable | No. 201 | ||||||||
Date | Explanation | Ref | Debit | Credit | Balance | ||||
choose a transaction date | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |||||
choose a transaction date | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |||||
Owner’s Capital | No. 301 | ||||||||
Date | Explanation | Ref | Debit | Credit | Balance | ||||
choose a transaction date | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |||||
Owner’s Drawings | No. 306 | ||||||||
Date | Explanation | Ref | Debit | Credit | Balance | ||||
choose a transaction date | J1 | enter a debit amount | enter a credit amount | enter a balance amount |
Question 9
The following information relates to Vaughn Real Estate Agency.
Oct. 1 | James Vaughn begins business as a real estate agent with a cash investment of $19,800. | |
Hires an administrative assistant. | ||
Purchases office furniture for $2,508, on account. | ||
Sells a house and lot for C. Rouse; bills C. Rouse $4,752 for realty services performed. | ||
27 | Pays $1,452 on the balance related to the transaction of October 3. | |
30 | Pays the administrative assistant $3,300 in salary for October. |
Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Debit-Credit Analysis | |||||||||||
Affect on Accounts | Affect on Amounts | ||||||||||
Oct. 1 | Debits | select an Affect : | Debit | enter an account title | $enter a dollar amount | ||||||
Credits | select an Affect : | Credit | enter an account title | $enter a dollar amount | |||||||
Oct. 2 | Debits | select an Affect : | Debit | enter an account title | $enter a dollar amount | ||||||
Credits | select an Affect : | Credit | enter an account title | $enter a dollar amount | |||||||
Oct. 3 | Debits | select an Affect : | Debit | enter an account title | $enter a dollar amount | ||||||
Credits | select an Affect : | Credit | enter an account title | $enter a dollar amount | |||||||
Oct. 6 | Debits | select an Affect : | Debit | enter an account title | $enter a dollar amount | ||||||
Credits | select an Affect : | Credit | enter an account title | $enter a dollar amount | |||||||
Oct. 27 | Debits | select an Affect : | Debit | enter an account title | $enter a dollar amount | ||||||
Credits | select an Affect : | Credit | enter an account title | $enter a dollar amount | |||||||
Oct. 30 | Debits | select an Affect : | Debit | enter an account title | $enter a dollar amount | ||||||
Credits | select an Affect : | Credit | enter an account title | $enter a dollar amount |
Question 11
Selected transactions from the journal of June Crane, investment broker, are presented as follows.
Date | Account Titles and Explanation | Ref. | Debit | Credit | ||||
Aug.1 | Cash | 7,000 | ||||||
Owner's Capital | 7,000 | |||||||
(Owner’s investment of cash in business) | ||||||||
10 | Cash | 3,640 | ||||||
Service Revenue | 3,640 | |||||||
(Received cash for services performed) | ||||||||
12 | Equipment | 7,000 | ||||||
Cash | 3,220 | |||||||
Notes Payable | 3,780 | |||||||
(Purchased equipment for cash and notes payable) | ||||||||
25 | Accounts Receivable | 2,380 | ||||||
Service Revenue | 2,380 | |||||||
(Billed clients for services performed) | ||||||||
31 | Cash | 1,260 | ||||||
Accounts Receivable | 1,260 | |||||||
(Receipt of cash on account) |
(a)
Post the transactions to T-accounts. (Post entries in the order presented in the problem statement.)
Cash | |||
choose a transaction date | enter a debit amount | choose a transaction date | enter a credit amount |
choose a transaction date | enter a debit amount | choose a transaction date | enter a credit amount |
choose a transaction date | enter a debit amount | choose a transaction date | enter a credit amount |
choose the end date of the accounting period | enter a debit balance | choose the end date of the accounting period | enter a credit balance |
Accounts Receivable | |||
choose a transaction date | enter a debit amount | choose a transaction date | enter a credit amount |
choose the end date of the accounting period | enter a debit balance | choose the end date of the accounting period | enter a credit balance |
Equipment | |||
choose a transaction date | enter a debit amount | choose a transaction date | enter a credit amount |
Notes Payable | |||
choose a transaction date | enter a debit amount | choose a transaction date | enter a credit amount |
Owner’s Capital | |||
choose a transaction date | enter a debit amount | choose a transaction date | enter a credit amount |
Service Revenue | |||
choose a transaction date | enter a debit amount | choose a transaction date | enter a credit amount |
choose a transaction date | enter a debit amount | choose a transaction date | enter a credit amount |
choose the end date of the accounting period | enter a debit balance | choose the end date of the accounting period | enter a credit balance |
(b)
The parts of this question must be completed in order. This part will be available when you complete the part above.
Question 14
The Waterway Theater, owned by Meg Vargo, will begin operations in March. The Waterway will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Waterway showed: Cash No. 101 $2,950, No. 140 Land $24,000, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $10,000, No. 157 Equipment $10,000, No. 201 Accounts Payable $7,400, and No. 301 Owner’s Capital $39,550. During the month of March, the following events and transactions occurred.
Mar. 2 | Rented the three Indiana Jones movies to be shown for the first 3 weeks of March. The film rental was $3,400; $1,600 was paid in cash and $1,800 will be paid on March 10. | |
Ordered the Lord of the Rings movies to be shown the last 10 days of March. It will cost $190 per night. | ||
Received $4,200 cash from admissions. | ||
10 | Paid balance due on Indiana Jones movies rental and $1,600 on March 1 accounts payable. | |
11 | Waterway Theater contracted with Adam Ladd to operate the concession stand. Ladd is to pay 15% of gross concession receipts, payable monthly, for the rental of the concession stand. | |
12 | Paid advertising expenses $800. | |
20 | Received $5,300 cash from customers for admissions. | |
20 | Received the Lord of the Rings movies and paid the rental fee of $1,900. | |
31 | Paid salaries of $3,200. | |
31 | Received statement from Adam Ladd showing gross receipts from concessions of $5,000 and the balance due to Waterway Theater of $750 ($5,000 × 15%) for March. Ladd paid one-half the balance due and will remit the remainder on April 5. | |
31 | Received $8,900 cash from customers for admissions. |
(a)
Enter the beginning balances in the ledger.
Cash | No. 101 | ||||||||
Date | Explanation | Ref | Debit | Credit | Balance | ||||
Mar. 1 | Balance | √ | enter a debit amount | enter a credit amount | enter a balance amount | ||||
Accounts Receivable | No. 112 | ||||||||
Date | Explanation | Ref | Debit | Credit | Balance | ||||
Mar. 1 | Balance | enter a debit amount | enter a credit amount | enter a balance amount | |||||
Land | No. 140 | ||||||||
Date | Explanation | Ref | Debit | Credit | Balance | ||||
Mar. 1 | Balance | √ | enter a debit amount | enter a credit amount | enter a balance amount | ||||
Buildings | No. 145 | ||||||||
Date | Explanation | Ref | Debit | Credit | Balance | ||||
Mar. 1 | Balance | √ | enter a debit amount | enter a credit amount | enter a balance amount | ||||
Equipment | No. 157 | ||||||||
Date | Explanation | Ref | Debit | Credit | Balance | ||||
Mar. 1 | Balance | √ | enter a debit amount | enter a credit amount | enter a balance amount | ||||
Accounts Payable | No. 201 | ||||||||
Date | Explanation | Ref | Debit | Credit | Balance | ||||
Mar. 1 | Balance | √ | enter a debit amount | enter a credit amount | enter a balance amount | ||||
Owner’s Capital | No. 301 | ||||||||
Date | Explanation | Ref | Debit | Credit | Balance | ||||
Mar. 1 | Balance | √ | enter a debit amount | enter a credit amount | enter a balance amount | ||||
Service Revenue | No. 400 | ||||||||
Date | Explanation | Ref | Debit | Credit | Balance | ||||
Mar. 1 | Balance | enter a debit amount | enter a credit amount | enter a balance amount | |||||
Rent Revenue | No. 429 | ||||||||
Date | Explanation | Ref | Debit | Credit | Balance | ||||
Mar. 1 | Balance | enter a debit amount | enter a credit amount | enter a balance amount | |||||
Advertising Expense | No. 610 | ||||||||
Date | Explanation | Ref | Debit | Credit | Balance | ||||
Mar. 1 | Balance | enter a debit amount | enter a credit amount | enter a balance amount | |||||
Salaries and Wages Expense | No. 726 | ||||||||
Date | Explanation | Ref | Debit | Credit | Balance | ||||
Mar. 1 | Balance | enter a debit amount | enter a credit amount | enter a balance amount | |||||
Rent Expense | No. 729 | ||||||||
Date | Explanation | Ref | Debit | Credit | Balance | ||||
Mar. 1 | Balance | enter a debit amount | enter a credit amount | enter a balance amount |
(b)
The parts of this question must be completed in order. This part will be available when you complete the part above.
(c)
The parts of this question must be completed in order. This part will be available when you complete the part above.
(d)
The parts of this question must be completed in order. This part will be available when you complete the part above.