Directions shown in picture attached 43. On March 1, the amount of Richard Cook's capital in Richard's Catering Company was $150,000. During March, hewithdrew $31,000 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows:$10,25045,95023,84064,9501,27585,4001,2103,0009,00020,3009005252,800Accounts payableAccounts receivableCashFees earnedInsurance expenseLandMiscellaneous expensePrepaid insuranceRent expenseSalary expenseSuppliesSupplies expenseUtilities expensePresent, in good form, (a) an income statement for March, (b) and a statement of owner's equity for March.

43. On March 1, the amount of Richard Cook's capital in Richard's Catering Company was $150,000. During March, he withdrew $31,000 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows: $10,250 45,950 23,840 64,950 1,275 85,400 1,210 3,000 9,000 20,300 Accounts payable Accounts receivable Cash Fees earned Insurance expense Land Miscellaneous expense Prepaid insurance Rent expense Salary expense Supplies Supplies expense Utilities expense 900 525 2,800 Present, in good form, (a) an income statement for March, (b) and a statement of owner's equity for March.

43. On March 1, the amount of Richard Cook's capital in Richard's Catering Company was $150,000. During March, he withdrew $31,000 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows: $10,250 45,950 23,840 64,950 1,275 85,400 1,210 3,000 9,000 20,300 Accounts payable Accounts receivable Cash Fees earned Insurance expense Land Miscellaneous expense Prepaid insurance Rent expense Salary expense Supplies Supplies expense Utilities expense 900 525 2,800 Present, in good form, (a) an income statement for March, (b) and a statement of owner's equity for March.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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The capital accounts of Angel Alvarez and Emma Allison have balances of $105,000 and $77,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $12,000. During the year, Alvarez and Allison withdrew $57,000 and $46,000, respectively, and net income for the year was $146,000. Revenues were $567,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. a. Journalize the entry to close the revenues and expenses. For a compound transaction, if an amount box does not require an entry, leave it blank. Angel Alvarez, Capital fill in the blank e37f5f05b059f91_2 fill in the blank e37f5f05b059f91_3 Emma Allison, Capital fill in the blank e37f5f05b059f91_5 fill in the blank e37f5f05b059f91_6 Emma Allison, Drawing fill in the blank e37f5f05b059f91_8 fill in the blank e37f5f05b059f91_9 fill in the blank e37f5f05b059f91_11 fill in the blank…
The capital accounts of Angel Alvarez and Emma Allison have balances of $44,880 and $71,910, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $7,750. During the year, Alvarez and Allison withdrew $30,730 and $38,870, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. Required: A. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts on December 31. B. Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison.
The capital accounts of Angel Alvarez and Emma Allison have balances of $47,000 and $73,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $8,000. During the year, Alvarez and Allison withdrew $32,000 and $39,000, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no referenceto the division of net income.a. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts.b. Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison.
The capital accounts of Angel Alvarez and Emma Allison have balances of $47,000 and $73,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $8,000. During the year, Alvarez and Allison withdrew $32,000 and $39,000, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. -Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
The net income of Edwards Corporation amounted to $65,000 for this year. The beginning balance of owner's equity was $20,000 and the ending balance was $80,000. The company received $15,000 additional contributions during the year. What was the amount of the owner's withdrawals during the year?
Davis Company has the following accounts and balances at the end of the year:Cash, $1,200Accounts Receivable, $280Office Equipment, $3,000Accounts Payable, $1,400Income from Services, $3,500Rent Expense, $670Salaries Expense, $1,000R. Davis, Capital at the beginning of the year was $2,050. Rob Davis also withdrew $800 from the company during the year. What is R. Davis, Capital, at the end of the year?
Yi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…
As aof July 1, Roberto Corporation had total assets of $165,000. During July, the company made the following transcations:Generated Revenues of $60,000 of which 30% were in cash and remainder on Acct. Rec. Incurred total expenses of $40,000 40% of which were paid Collected receivables of $15,000 from previous periods.After these transactions have been recorded, Roberto would have totalassets of:a. $167,000b. $182,000c. $209,000d. $185,000
During its first year of operations, Cooper Company bills credit customers $19,800 for services rendered. During the year, Cooper receives $16,500 from all customers, $3,700 of which is received from cash customers. Required: What amount of revenue should be shown on the income statement for the year?
R. Davis Company has the following accounts and balances at the end of the year:Cash, $1,200Accounts Receivable, $280Office Equipment, $3,000Accounts Payable, $1,400Income from Services, $3,500Rent Expense, $670Salaries Expense, $1,000R. Davis, Capital at the beginning of the year was $2,050. Rob Davis also withdrew $800 from the company during the year. What is the amount of total assets reported on the balance sheet? a.$4,480 b.$1,480 c.$9,800 d.$3,080
Instructions The capital accounts of Hassan Khan and Dmitri Palovich have balances of $877,500 and $710,800, respectively, on January 1, 20Y4, the beginning of the fisca year. On July 10, Khan invested an additional $25,000. During the year, Khan and Palovich withdrew $110,000 and $150,000, respectively, and net income for the year was $325,000. Revenues were $1,260,000, and expenses were $935,000. The articles of partnership make no reference to the division of net income. a. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts on December 31. b. Prepare a statement of partnership equity for the current year for the partnership of Khan and Palovich.