User Account

All Pages

Prepare an income statement and capital statement

Assignment Help Accounting Basics
Reference no: EM13917779

A sole proprietorship was started on January 1, 2013, when it received $40,000 cash from Jimmy Ross, the owner. During 2013, the company earned $28,300 in cash revenues and paid $14,100 in cash expenses. Ross withdrew $1,000 cash from the business during 2013.

Required: 

Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Ross 2013 fiscal year. 

Reference no: EM13917779

Questions Cloud

What is the role of the buying center at trek : 1. What is the role of the buying center at Trek? Who is likely to comprise the buying center in the decision to select a new supplier at Trek?
Find the value of european put option : Toyohashi Co common stock has market price $85 per share and its sigma is 0.30. Find the value of a European put option, with an exercise price of $75 and expiring after 110 days, on the Toyohashi stock. The riskless rate is 3.5%.
Annual coupon rate has a face value : A 20-year bond at an 9% annual coupon rate has a face value of 1000 dollars. If: the yield is 5.5%, find the amount of amortization of the premium during the 13th year of the bond. the yield is 12%, find the amount of accumulation of discount during ..
Coupon bonds outstanding and common stock : You are given the following information concerning Parrothead Enterprises: Debt: 10,900 7.4 percent coupon bonds outstanding, with 21 years to maturity and a quoted price of 108.75. These bonds pay interest semiannually. Calculate the WACC for Parrot..
Prepare an income statement and capital statement : A sole proprietorship was started on January 1, 2013, when it received $40,000 cash from Jimmy Ross, the owner.
Capital investment will firm run out of retained earnings : Nolan Corp is trying to determine its weighted average cost of capital. Nolan's current capital structure is: 45% Debt 15% Preferred 40% Common Equity Common Equity. If the firm has $12 Million in retained earnings, at what level of capital investmen..
If you bought this bond-which return would you actually earn : It is now January 1, 2009, and you are considering the purchase of an outstanding bond that was issued on January 1, 2007. It has a 9.5% annual coupon and had a 30-year original maturity. What is the yield to maturity? What is the yield to call? If y..
Drake cushing and shawn tadlock started the ct partnership : Drake Cushing and Shawn Tadlock started the CT partnership on January 1, 2013. The business acquired $70,000 cash from Cushing and $140,000 from Tadlock.
About the paying annual dividends : NU YU announced today that it will begin paying annual dividends. The first dividend will be paid next year in the amount of $0.47 a share. The following dividends will be $0.52, $0.67, and $0.97 a share annually for the following three years, respec..

Reviews

Write a Review

Accounting Basics Questions & Answers

  The company engaged in the following stock transactions

The company engaged in the following stock transactions during 2010:Jan. 4 Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the outstanding common stock. These dividends had been declared on Dec..

  Use the high-low method to estimate next months

the grind company has been having some difficulties estimating its manufacturing overhead costs. in the past

  Georges grandmother promises to give him 3000 at the end

georges grandmother promises to give him 3000 at the end of three years and 4000 at the end of four years. how much is

  Fashion jeans inc sells two lines of jeans simple life and

fashion jeans inc. sells two lines of jeans simple life and fancy life. simple life sells for 85.00 a pair and fancy

  Describe the four categories of caat

Identify and briefly describe the four categories of CAAT used to support IT auditing List three possible procedures to be performed by auditors who are evaluating controls pertaining to the backup and recovery of a client data.

  Stanford coop uses a standard cost system to account for

stanford coop uses a standard cost system to account for the costs of its one product. materials standards are 2.8

  Using the weighted-average method assign aprils costs to

during april the production department of a process manufacturing system completed a number of units of a product and

  Assuming that a company has 365 million in annual sales and

assuming that a company has 365 million in annual sales and a gross margin of 20 how much investment will each

  On june 30 the petty cash fund had cash of 1546 and the

a small company maintains a petty cash fund for minor expenditures. in june and july 2011 the following transactions

  For both classes of securities presented above describe how

brooks corp. is a medium-sized corporation specializing in quarrying stone for building construction. the company has

  Determine the missing amounts

Determine the missing amounts - determine the gross profit rates. (Round to one decimalplace)

  For the ages inc produces solid-oak umbrella stands each

for the ages inc. produces solid-oak umbrella stands. each stand is handmade and hand finished using the finest

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd