User Account

All Pages

Prepare the income statement and capital statement

Assignment Help Accounting Basics
Reference no: EM133118015

Question - A sole proprietorship was started on January 1, Year 1, when it received $60,000 cash from Marlin Jones, the owner. During Year 1, the company earned $35,300 in cash revenues and paid $16,200 in cash expenses. Jones withdrew $1,000 cash from the business during Year 1. Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's Year 1 fiscal year.

Reference no: EM133118015

Questions Cloud

Determine the gross pay for the week : Assume that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, Determine the gross pay for the week
What is the seasonal factor for quarter four : The seasonal factors (also known as indices) for the first three quarters for the demand of snow blowers are 0.62, 0.91, 1.35. What is the seasonal factor
Crisis of Covid-19 : Some companies have responded to the crisis of Covid-19 in ways to protect their employees or their customers.
Find the deseasonalized sales for this period : Question - If the actual sales are 1,627.00 units and the seasonal index for this period is 1.65, find the deseasonalized sales for this period
Prepare the income statement and capital statement : Jones withdrew $1,000 cash from the business during Year 1. Prepare the income statement, capital statement (statement of changes in equity)
Prepare the stockholders equity section of the balance sheet : Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized
How many headphones must ABC sell per week : Rent and other fixed costs are $240 per week; the income tax rate is 20%. How many headphones must ABC sell per week to meet its profit goal
Journal entries to record these events : Suppose B borrows $100,000 from L and uses it to drill an oil well. B hits a dry hole and loses the entire $100,000 investment. Journal entries to record events
Compute the direct materials variance : Direct materials (46,500 pounds @ $5.10 per pound) $237,150. Compute the direct materials variance, including its price and quantity variances

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate Earnings Per Share for Bobby Burgers Inc

Mar 1 st Issued 6,000 common shares for trucks valued at $25,000. Calculate Earnings Per Share for Bobby's Burgers Inc. for 2020

  Prepare a sales budget for the la babycakes store

Prepare a sales budget for the LA Babycakes store for the 4th quarter of 2016. Present the number of units, sales price, and total sales for each month.

  Prepare all of the relevant journal entries

Prepare all of the relevant journal entries from the time of sale until the date indicated. Give entries through December 1, 2016

  Compute warren actual return on plan assets

For Warren Corporation, year-end plan assets were $2,144,800. Compute Warren's actual return on plan assets

  How much of these costs should be inventories

Depreciation of manufacturing equipment 70,000. How much of these costs should be inventories for external reporting purposes

  Calculate employer payroll taxes

Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.3% federal unemployment, 0.8%. Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes.

  Difference between normative and positive accounting theory

What is the difference between normative and positive accounting theory and xplain the efficiency perspective and opportunistic perspective of Positive

  The urchase price at nominal intrest rate

a new house cost $178,000. the bank will loan 90% of the urchase price,at nominal intrest rate of 10.75% compounded weekly and monthly payments will be made. We want to pay the house off in 25 years. What would the monthly payments be?

  State the effects of the error on the income statement

State the effects of the error on the income statement of Madison River Supply for the year ended December 31, 20Y8

  What is the target net income

A company requires $1,020,000 in sales to meet its net income target. What is the target net income

  What is the amount of the gain eligible for installment sale

Charlotte sold her unincorporated business for $360,000 in 2008. The sales contract allocated $150,000 to equipment, $110,000 to land, and $100,000 to goodwill.

  Compute what was market risk premium during the ten years

Conglomco has a beta of 0.32. If the market return is expected to be 12 percent and the risk-free rate is 5 percent, what is Conglomco's required return?

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