Ubis ty pe uf diyour Saptomber 30 balance sheet twheet was preparedd a cost of vi .hat than A bef this bamThe balance sheet items for The Julian Bakery (arranged nlphabetical order) wereas follows at August 1, 19 (You are to computee miesing figure for ownersequity,)Accounts payableAccounts recelvableBuildingCashEquipment & fixtures.... .During the next two days, the following transactions occurred:Aug. 2$16,200ulian Lee, capital.11,260. Land....84,0006,94044,500 Supplies....67,00074,9008,9007,000*..*....Notes payobleSalaries payable...... ....... .....Lee invested an additional $25.000 jn the business. The accounta payablewere paid in full. (No payment was made on the notes payable or incometaxes payable.)Equipment was purchased nt a cost of 87 200 to be paid within 10 days.Supplies were purchased for $1.250 cash from a restaurant supply centerwhieh was going out of business, These supplies would have cost $1,890purchased through normal channels.Aug. 3a. Prepare a balance sheet at August 1, 19.b. Prepare a balance sheet at August 3, 19C. Assume the note payable does not come due for several years. Is The Julian Bory in a stronger financial position on August 1 or on August 3? Explain briefly

All the end balances are shown in the financial statement.

Uhis ty pe of dia ember 30 balance shot wheet was prepared ad hat thane of v The balanco sheet iteme for The Julian Bakery (arranged nlphabetical ender were as follows at August 1, 19 (You are to computee mining figure for owners equity.) Accounts payable Accounts recelvable Building Cash Equipment & fixtures.... . During the next two days, the following transactions occurred: Aug. 2 this bam $16,200 11,260, Land... 84.000 6,940 44,500 Supplies ulian Lee, capital. Notes payoble Salaries payable.. 67,000 74,900 8,900 7,000 .... ... ..... ..... 24*1.... ......... ....... ... Lee invested an additional $25.000 in the business, The accounta payahle were paid in full. (No payment was made on the notes payable or income taxes payable.) Aug. 3 Equipment was purchased at a cost of $7.200 to be paid within 10 daya Supplies were purchased for $1.250 cash from a restaurant supply cen whieh was going out of business. These supplics would have cost $1,890 purchased through normal channels. a. Prepare a balance sheet at August 1, 19. b. Prepare a balance sheet at August 3, 19 C. Assume the note payable does not come due for several years. Is The Julian B ory in a stronger financial position on August 1 or on Aumust 3? Explain brief

Uhis ty pe of dia ember 30 balance shot wheet was prepared ad hat thane of v The balanco sheet iteme for The Julian Bakery (arranged nlphabetical ender were as follows at August 1, 19 (You are to computee mining figure for owners equity.) Accounts payable Accounts recelvable Building Cash Equipment & fixtures.... . During the next two days, the following transactions occurred: Aug. 2 this bam $16,200 11,260, Land... 84.000 6,940 44,500 Supplies ulian Lee, capital. Notes payoble Salaries payable.. 67,000 74,900 8,900 7,000 .... ... ..... ..... 24*1.... ......... ....... ... Lee invested an additional $25.000 in the business, The accounta payahle were paid in full. (No payment was made on the notes payable or income taxes payable.) Aug. 3 Equipment was purchased at a cost of $7.200 to be paid within 10 daya Supplies were purchased for $1.250 cash from a restaurant supply cen whieh was going out of business. These supplics would have cost $1,890 purchased through normal channels. a. Prepare a balance sheet at August 1, 19. b. Prepare a balance sheet at August 3, 19 C. Assume the note payable does not come due for several years. Is The Julian B ory in a stronger financial position on August 1 or on Aumust 3? Explain brief

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 46E: OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had...

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OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of common stock outstanding for the year. The following income statement account balances are available for ERS at the end of 2019. Required: 1. Prepare a single-step income statement for ERS for 2019. 2. CONCEPTUAL CONNECTION Compute net profit margin for ERS. If ERS is able to increase its service revenue by $100,000, what should be the effect on future income? 3. CONCEPTUAL CONNECTION Assume that ERS net profit margin was 8.5% for 2018. As an investor, what conclusions might you draw about ERS future profitability?