Accounting Help! Can you complete ASAP?
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Required information
Exercise 1-9 Using the accounting equation LO A1
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[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 0,000. 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 transactionb.
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
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[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 companys 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
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[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 companys 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
Skip to question
[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 companys 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
Skip to question
[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 companys 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 owners initial investment consists of $38,900 cash and $46,020 in land.
b. The companys $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 companys 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
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[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 companys 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
Skip to question
[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 companys 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
Skip to question
[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 companys 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
Skip to question
[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 companys 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 owners initial investment consists of $36,880 cash and $46,010 in land.
b. The companys $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 companys 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.)
