The work is accounting. I have attached a word sheet with ?the ques
The work is accounting. I have attached a word sheet with the questions and I need the answers to complete the chars on the worksheet. Please take a look at attachment and see if this is something you can complete ASAp?
Required information
Exercise 1-9 Using the accounting equation LO A1
[The following information applies to the questions displayed below.] Answer the following questions. Hint: Use the accounting equation.
Exercise 1-9 Part a
a. At the beginning of the year, Addison Company's assets are $152,000 and its equity is $114,000. During the year, assets increase $80,000 and liabilities increase $57,000. What is the equity at year-end?
b. Office Store has assets equal to $124,000 and liabilities equal to $91,000 at year-end. What is the equity for Office Store at year-end?
b. At the beginning of the year, Quaker Company's liabilities equal $65,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $20,000 during the year. What are the beginning and ending amounts of equity?
The following transactions were completed by the company.
a. The company completed consulting work for a client and immediately collected $6,500 cash earned.
b. The company completed commission work for a client and sent a bill for $5,000 to be received within 30 days.
c. The company paid an assistant $1,900 cash as wages for the period.
d. The company collected $2,500 cash as a partial payment for the amount owed by the client in transaction b.
e. The company paid $900 cash for this period's cleaning services.
Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)
The following transactions were completed by the company.
a. The owner (Alex Carr) invested $16,400 cash in the company.
b. The company purchased supplies for $850 cash.
c. The owner (Alex Carr) invested $10,700 of equipment in the company.
d. The company purchased $270 of additional supplies on credit.
e. The company purchased land for $9,700 cash.
Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a
Use the following information for exercise 15 to 18 LO P2
[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,920 in assets to launch the business. On October 31, the company’s records show the following items and amounts.
|
|
||||||
|
Cash |
$ |
8,450 |
|
Cash withdrawals by owner |
$ |
2,930 |
|
Accounts receivable |
|
14,910 |
|
Consulting revenue |
|
14,910 |
|
Office supplies |
|
4,080 |
|
Rent expense |
|
4,420 |
|
Land |
|
46,020 |
|
Salaries expense |
|
7,900 |
|
Office equipment |
|
18,860 |
|
Telephone expense |
|
860 |
|
Accounts payable |
|
9,280 |
|
Miscellaneous expenses |
|
680 |
|
Owner investments |
|
84,920 |
|
|
|
|
Use the following information for exercise 15 to 18 LO P2
[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,920 in assets to launch the business. On October 31, the company’s records show the following items and amounts.
|
|
||||||
|
Cash |
$ |
8,450 |
|
Cash withdrawals by owner |
$ |
2,930 |
|
Accounts receivable |
|
14,910 |
|
Consulting revenue |
|
14,910 |
|
Office supplies |
|
4,080 |
|
Rent expense |
|
4,420 |
|
Land |
|
46,020 |
|
Salaries expense |
|
7,900 |
|
Office equipment |
|
18,860 |
|
Telephone expense |
|
860 |
|
Accounts payable |
|
9,280 |
|
Miscellaneous expenses |
|
680 |
|
Owner investments |
|
84,920 |
|
|
|
|
Required information
Use the following information for exercise 15 to 18 LO P2
[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,920 in assets to launch the business. On October 31, the company’s records show the following items and amounts.
|
|
||||||
|
Cash |
$ |
8,450 |
|
Cash withdrawals by owner |
$ |
2,930 |
|
Accounts receivable |
|
14,910 |
|
Consulting revenue |
|
14,910 |
|
Office supplies |
|
4,080 |
|
Rent expense |
|
4,420 |
|
Land |
|
46,020 |
|
Salaries expense |
|
7,900 |
|
Office equipment |
|
18,860 |
|
Telephone expense |
|
860 |
|
Accounts payable |
|
9,280 |
|
Miscellaneous expenses |
|
680 |
|
Owner investments |
|
84,920 |
|
|
|
|
Required information
Use the following information for exercise 15 to 18 LO P2
[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,920 in assets to launch the business. On October 31, the company’s records show the following items and amounts.
|
|
||||||
|
Cash |
$ |
8,450 |
|
Cash withdrawals by owner |
$ |
2,930 |
|
Accounts receivable |
|
14,910 |
|
Consulting revenue |
|
14,910 |
|
Office supplies |
|
4,080 |
|
Rent expense |
|
4,420 |
|
Land |
|
46,020 |
|
Salaries expense |
|
7,900 |
|
Office equipment |
|
18,860 |
|
Telephone expense |
|
860 |
|
Accounts payable |
|
9,280 |
|
Miscellaneous expenses |
|
680 |
|
Owner investments |
|
84,920 |
|
|
|
|
Exercise 1-18 Preparing a statement of cash flows LO P2
Also assume the following:
a. The owner’s initial investment consists of $38,900 cash and $46,020 in land.
b. The company’s $18,860 equipment purchase is paid in cash.
c. The accounts payable balance of $9,280 consists of the $4,080 office supplies purchase and $5,200 in employee salaries yet to be paid.
d. The company’s rent, telephone, and miscellaneous expenses are paid in cash.
e. No cash has been collected on the $14,910 consulting fees earned.
Using the above information prepare an October 31 statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.)
Use the following information for exercise 15 to 18 LO P2
[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,890 in assets to launch the business. On October 31, the company’s records show the following items and amounts.
|
|
||||||
|
Cash |
$ |
15,140 |
|
Cash withdrawals by owner |
$ |
830 |
|
Accounts receivable |
|
12,720 |
|
Consulting revenue |
|
12,720 |
|
Office supplies |
|
2,110 |
|
Rent expense |
|
2,380 |
|
Land |
|
46,010 |
|
Salaries expense |
|
5,620 |
|
Office equipment |
|
16,780 |
|
Telephone expense |
|
780 |
|
Accounts payable |
|
7,360 |
|
Miscellaneous expenses |
|
600 |
|
Owner investments |
|
82,890 |
|
|
|
|
Use the following information for exercise 15 to 18 LO P2
[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,890 in assets to launch the business. On October 31, the company’s records show the following items and amounts.
|
|
||||||
|
Cash |
$ |
15,140 |
|
Cash withdrawals by owner |
$ |
830 |
|
Accounts receivable |
|
12,720 |
|
Consulting revenue |
|
12,720 |
|
Office supplies |
|
2,110 |
|
Rent expense |
|
2,380 |
|
Land |
|
46,010 |
|
Salaries expense |
|
5,620 |
|
Office equipment |
|
16,780 |
|
Telephone expense |
|
780 |
|
Accounts payable |
|
7,360 |
|
Miscellaneous expenses |
|
600 |
|
Owner investments |
|
82,890 |
|
|
|
|
Use the following information for exercise 15 to 18 LO P2
[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,890 in assets to launch the business. On October 31, the company’s records show the following items and amounts.
|
|
||||||
|
Cash |
$ |
15,140 |
|
Cash withdrawals by owner |
$ |
830 |
|
Accounts receivable |
|
12,720 |
|
Consulting revenue |
|
12,720 |
|
Office supplies |
|
2,110 |
|
Rent expense |
|
2,380 |
|
Land |
|
46,010 |
|
Salaries expense |
|
5,620 |
|
Office equipment |
|
16,780 |
|
Telephone expense |
|
780 |
|
Accounts payable |
|
7,360 |
|
Miscellaneous expenses |
|
600 |
|
Owner investments |
|
82,890 |
|
|
|
|
Use the following information for exercise 15 to 18 LO P2
[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,890 in assets to launch the business. On October 31, the company’s records show the following items and amounts.
|
|
||||||
|
Cash |
$ |
15,140 |
|
Cash withdrawals by owner |
$ |
830 |
|
Accounts receivable |
|
12,720 |
|
Consulting revenue |
|
12,720 |
|
Office supplies |
|
2,110 |
|
Rent expense |
|
2,380 |
|
Land |
|
46,010 |
|
Salaries expense |
|
5,620 |
|
Office equipment |
|
16,780 |
|
Telephone expense |
|
780 |
|
Accounts payable |
|
7,360 |
|
Miscellaneous expenses |
|
600 |
|
Owner investments |
|
82,890 |
|
|
|
|
Exercise 1-18 Preparing a statement of cash flows LO P2
Also assume the following:
a. The owner’s initial investment consists of $36,880 cash and $46,010 in land.
b. The company’s $16,780 equipment purchase is paid in cash.
c. The accounts payable balance of $7,360 consists of the $2,110 office supplies purchase and $5,250 in employee salaries yet to be paid.
d. The company’s rent, telephone, and miscellaneous expenses are paid in cash.
e. No cash has been collected on the $12,720 consulting fees earned.
Using the above information prepare an October 31 statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.)
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