You are given the following selected data after one year of operation of Total Face Up owned by Dr. Dina. Revenue from facial treatment services collected in cash P 250,000 Revenue from facial treatment services rendered on account 125,000 Cash collected from account customers 50,000 Dr. Dina, Capital's cash investment 520,000 Operating expenses incurred on account: Utilities 125,000 Operating expenses incurred for cash: Salary of Nurse 50,000 Rent of Clinic 25,000 Medical supplies bought (of which P 5,000 are still on hand) 10,000 Cash withdrawn by Dr. Dina 5,000
Q: The information given below appears in the financial records at the end of the year for The Spa…
A: Balance sheet ( at the end of year ) Liabilities Amount Assets Amount Capital ( balancing…
Q: Yoon Hye-jin opened a dental service business opened on October 1, 2021. Initial investment recorded…
A: Assets are the resources or rights of the business that it can use and sell according to the need.…
Q: Prepare the following transactions in T accounts 1. Cash patients paid $50,000 for services rendered…
A: The T-accounts are prepared to record the business transactions in the specific accounts.
Q: Listed below are several transactions that took place during the second and third years of…
A: Computation of accrual net income for both years is as follows: The resultant table is as follows:…
Q: Lita Lopez started Biz Consulting, a new business, and completed the following transactions during…
A: Only transactions related to revenues and expenses has to be considered to calculate net income.
Q: Please use the information below to answer this question. I have provided a picture of how many…
A: The transaction, which is measurable in monetary terms, is an economic event with a third party…
Q: he following transactions were entered into by Dr. Jo Valdez for June: 04 Jo Valdez opened "Jo's…
A: Journal entry is the practice of recording commercial transactions for the first time in the books…
Q: Using the information below, compute for the Ending Capital of the owner for the year ended December…
A: solution : let us first calculate the total assets amount Current asset: Cash…
Q: On June 1, Cindy Godfrey started Divine Designs Co., a company that provides craft opportunities,…
A: Formula: Net profit = Revenues - Expenses
Q: Listed below are several transactions that took place during the second and third years of…
A: Accrual income refers to the amount of all those incomes which have been earned by the business, but…
Q: Dalance. (a) Analyze the transactions in an accounting equation similar to the Clearcopy…
A: Accounting Equation: An accounting equation is an statement of equality between the resources and…
Q: Journalize and post the closing entries to their respective T accounts.
A: As you have posted multi subparts under a single sub-parts. Kindly resubmit the question along with…
Q: During February 2015, Claude Sample who operates a sports clinic presented the following for the…
A: Feb 1. It says cash is invested in business that means it increases capital stock and increases cash…
Q: 1. Analyze the effects of these events on the accounting equation of the sports clinic. For example,…
A: The accounting equation is considered to be the foundation of the double-entry accounting system.…
Q: The following transactions were taken from Mating Dormitory, a pegspace and catering services…
A: The different accounts in the business have debit or credit balance. The assets and expenses have…
Q: The following items were found in the statement of financial position of Hong's Fitness Gym: Cash,…
A: Old Total assets = Cash + Supplies + Gym Equipment + Accounts receivable + Office furniture =…
Q: Using the accounting equation to analyze transactions Tiny Town Kennel earns service revenue by…
A: Indicate the effects of the business transactions;
Q: Listed below are several transactions that took place during the second and third years of…
A: The accrual net income states that the expenses and revenues are to be considered when they are…
Q: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650…
A: The balance sheet is prepared at the end of an accounting period. It is part of financial…
Q: Nge Aung opened the Campus Laundromat on September 1, 2018. During the first month of operations,…
A: We are authorized to answer three sub parts at a time, since you have not mentioned which part you…
Q: On June 1, Cindy Godfrey started Divine Designs Co., a company that provides craft opportunities, by…
A: Total service revenue = Service revenue + services were performed and billed but not collected =…
Q: At the beginning of April, Moncrief Corporation's assets totaled $240,000 and liabilities totaled…
A: Here in this case, we are required to calculate total liability at the end of April. For solving…
Q: Oriole Clark opened Oriole’s Cleaning Service on July 1, 2022. During July, the following…
A: Work Sheet
Q: Using the accounting equation to analyze transactions Tiny Town Kennel earns service revenue by…
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of an equation,…
Q: At the end of the first month of operations for SloMo Delivery Service, the business had the…
A: Total assets for the SloMo Delivery Service = Accounts Receivable+Prepaid Insurance+Equipment+Cash…
Q: The following information were obtained from the adjusted trial balance of XYZ Dental Clinic.…
A: Statement of cash flows forms a part of financial statement of the entity and is prepared with a…
Q: Using "I" accounts, shows the addition or subtraction by "position" for the following transactions:…
A: T-accounts are the accounts in which the journal entries are posted.
Q: Roc Corporation experienced the following transactions: • Borrowed $5,000 from the bank. ● Completed…
A: Introduction: In accrual system of accounting, all income and expenses which are related to the…
Q: Listed below are several transactions that took place during the second and third years of…
A: In order to determine 'Accruals net income,' we have to subtract 'expenses incurred' from the…
Q: Al Ramos, a dentist, opened his own dental clinic on May 1 of the current year, During the first…
A: The ledger includes the posting of journal transaction accounts in order to prepare trial balances…
Q: May1, Business owner Bill Doors invested $200,000 in cash and office equipment worth $48,000 in the…
A: In the givens problems, the financial statements refer to the statement of profit & loss and…
Q: Dr. Pepito de la Torre opened a medical clinic in Las Pinas City, NCR. With the use of a two-column…
A: The journal entries are prepared to record daily transactions of the business in four column book.
Q: Listed below are several transactions that took place during the second and third years of…
A: The accrual basis accounting records the revenue and expenses as and when they are incurred.
Q: Total Lawn Services earned $110,000 of service revenue during 2018, Of the $110,000 eamed, the…
A: Under cash basis accounting, the revenue and expenses are recognised when cash transactions are…
Q: During the period January to December 2020 the company completed the following transactions:…
A: Journal Entries SR. NO. PARTICULAR DEBIT CREDIT 1 Cash 180,000 Truck 250,000…
Q: Lita Lopez started Biz Consulting, a new business, and completed the following transactions during…
A: Introduction: An organization's assets are the assets it has to manage. That property can come from…
Q: John Daniel opened a medical practice in Sacramento, California, and had the following transactions…
A: 1. The capital introduce by Daniel here cash would be debit and Daniel capital a/c would be credit.…
Q: Yi Min started an engineering firm called Min Engineering. He began operations and completed…
A: Hey there since you have posted multiple questions, we will answer the first part and kindly…
Q: During January 2020 Orgonite Wellness Clinic completed the following transactions : Jan 1 Orgonite…
A: a. Date Particulars Debit Credit January 1, 2020 Cash a/c Dr $50,000…
Q: During the first month of operations, the following transactions occur for Orison Supply Store. The…
A: The transaction, which is measurable in monetary terms, is an economic event with a third party…
Q: During February 2015, Claude Sample who operates a sports clinic presented the following for the…
A: Accounting process involves procedures relating to collecting, processing and communicating of…
Q: Construct an analysis of the following transaction and use the table: Assets = Liabilities…
A: Date Assets = Liabilities + Owner's Equity Account Title Debit Credit Account Title…
Q: During the period January to December 2020 the company completed the following transactions: Kay’s…
A: Note ;- Dear student, You asked multiple questions, as per rule we will answer only one.…
Q: The following items were found in the statement of financial position of Hong's Fitness Gym: Cash,…
A: On case of a company, net worth means the value pertains to the equity shareholders of the company.…
Q: Presented below is the trial balance of Dr. Dale Lagman for the month of July 16, 2020 LAGMAN…
A: Financial Statement:- These are statements prepared at the end of the financial year to know the…
Q: Prepare general journal entries for the following transactions of Sustain Company. Use the following…
A: A journal entry is a form of accounting entry that is used to document a financial transaction in a…
At year end, what was the total revenue and total expenses?
what was the net income?
Step by step
Solved in 2 steps
- Using the income statement for Adventure Travel Service shown in Practice Exercise 1-4A, prepare a statement of owners equity for the year ended April 30, 2019. Jerome Foley, the owner, invested an additional 60,000 in the business during the year and withdrew cash of 40,000 for personal use. Jerome Foley, capital as of May 1, 2018, was 1,020,000.Brief Exercise 2-2? Events and Transactions Several events are listed below. Paid $30,000 for land. Purchased office supplies for cash. Perfumed consulting services for a client with the amount to be collected in 30 days. Signed a contract to perform consulting services over the next 6 months. Required: For each of the events, identify which ones qualify for recognition in the financial statements. If an event does not qualify for recognition, explain why.In March, K. Haas, M.D., established the Haas Sports Injury Clinic. The clinics account headings are presented below. Transactions completed during the month of March follow. a. Haas deposited 48,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,200, Ck. No. 1000 (Rent Expense). c. Bought supplies for cash from Medco Co., 2,138. d. Bought professional equipment on account from Med-Tech Company, 18,000. e. Bought office equipment on account from Equipment Depot, 1,955. f. Sold professional services for cash, 8,960 (Professional Fees). g. Paid on account to Med-Tech Company, 3,000, Ck. No. 1001. h. Received and paid the bill for utilities, 472, Ck. No. 1002 (Utilities Expense). i. Paid the salary of the assistant, 1,738, Ck. No. 1003 (Salary Expense). j. Sold professional services for cash, 10,196 (Professional Fees). k. Haas withdrew cash for personal use, 3,500, Ck. No. 1004. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenue, expenses, or a withdrawal. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- On July 1 of this year, R. Green established the Green Rehab Clinic. The organizations account headings are presented below. Transactions completed during the month of July follow. a. Green deposited 30,000 in a bank account in the name of the business. b. Paid the office rent for the month, 1,800, Ck. No. 2001 (Rent Expense). c. Bought supplies for cash, 362, Ck. No. 2002. d. Bought professional equipment on account from Rehab Equipment Company, 18,000. e. Bought office equipment from Hi-Tech Computers, 2,890, paying 890 in cash and placing the balance on account, Ck. No. 2003. f. Sold professional services for cash, 4,600 (Professional Fees). g. Paid on account to Rehab Equipment Company, 700, Ck. No. 2004. h. Received and paid the bill for utilities, 367, Ck. No. 2005 (Utilities Expense). i. Paid the salary of the assistant, 1,150, Ck. No. 2006 (Salary Expense). j. Sold professional services for cash, 3,868 (Professional Fees). k. Green withdrew cash for personal use, 1,800, Ck. No. 2007. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.For each of the following situations write the principle, assumption, or concept that justifies or explains what occurred. A. A landscaper received a customers order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. The owner should record the revenue from the customer order in March of next year, not in December of this year. B. A company divides its income statements into four quarters for the year. C. Land is purchased for $205,000 cash; the land is reported on the balance sheet of the purchaser at $205,000. D. Brandys Flower Shop is forecasting its balance sheet for the next five years. E. When preparing financials for a company, the owner makes sure that the expense transactions are kept separate from expenses of the other company that he owns. F. A company records the expenses incurred to generate the revenues reported.On July 1 of this year, R. Green established the Green Rehab Clinic. The organizations account headings are presented below. Transactions completed during the month of July follow. a. Green deposited 30,000 in a bank account in the name of the business. b. Paid the office rent for the month, 1,800, Ck. No. 2001. c. Bought supplies for cash, 362, Ck. No. 2002. d. Bought professional equipment on account from Rehab Equipment Company, 18,000. e. Bought office equipment from Hi-Tech Computers, 2,890, paying 890 in cash and placing the balance on account, Ck. No. 2003. f. Sold professional services for cash, 4,600. g. Paid on account to Rehab Equipment Company, 700, Ck. No. 2004. h. Received and paid the bill for utilities, 367, Ck. No. 2005. i. Paid the salary of the assistant, 1,150, Ck. No. 2006. j. Sold professional services for cash, 3,868. k. Green withdrew cash for personal use, 1,800, Ck. No. 2007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- In March, K. Haas, M.D., established the Haas Sports Injury Clinic. The clinics account headings are presented below. Transactions completed during the month of March follow. a. Haas deposited 48,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,200, Ck. No. 1000. c. Bought supplies for cash from Medco Co., 2,138. d. Bought professional equipment on account from Med-Tech Company, 18,000. e. Bought office equipment on account from Equipment Depot, 1,955. f. Sold professional services for cash, 8,960. g. Paid on account to Med-Tech Company, 3,000, Ck. No. 1001. h. Received and paid the bill for utilities, 472, Ck. No. 1002. i. Paid the salary of the assistant, 1,738, Ck. No. 1003. j. Sold professional services for cash, 10,196. k. Haas withdrew cash for personal use, 3,500, Ck. No. 1004 Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.Using the income statement for Ousel Travel Service shown in Practice Exercise 1-4A, prepare a statement of owners equity for the year ended November 30, 2016. Shane Ousel, the owner, invested an additional 50,000 in the business during the year and withdrew cash of 30,000 for personal use. Shane Ousel, capital as of December 1, 2015, was 666,000.EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) Jon Wallace started a business. During the first month (March 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets= Liabilities + Owners Equity. After each transaction, show the new account totals. (a) Invested cash in the business, 30,000. (b) Bought office equipment on account, 4,500. (c) Bought office equipment for cash, 1,600. (d) Paid cash on account to supplier in transaction (b), 2,000. EFFECTS OF TRANSACTIONS (REVENUE, EXPENSE, WITHDRAWALS) This exercise is an extension of Exercise 2-3B. Lets assume Jon Wallace completed the following additional transactions during March. Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owners Equity (Capital Drawing + Revenues Expenses). After transaction (k), report the totals for each element. Demonstrate that the accounting equation has remained in balance. (e) Performed services and received cash, 3,000. (f) Paid rent for March, 1,000. (g) Paid March phone bill, 68. (h) Jon Wallace withdrew cash for personal use, 800. (i) Performed services for clients on account, 900. (j) Paid wages to part-time employee, 500. (k) Received cash for services performed on account in transaction (i), 500.
- Indicate on the columns effected the value of increase or decrease for each accounting element: ASSETS LIABILITIES OWNER’S EQUITY DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT The owner invested P50, 000 cash to start the business. Purchase office supplies on account, payable next week, P2, 000. Collected P10, 000 cash for services rendered to customer. Purchase office machine, 15, 000, P5, 000 down, balance issued with promissory note. Rendered P20, 000 services, collectible next week. Paid the account in number 2. Paid P500 electric bill for electric consumed in conduct of business. Collected the account in number 5. Paid P5, 000 personal drawing of the owner. Received P200 water bill,…Ramon opened the Quarantine Gym in August. The Following transactions occurred duringthe first month of the business:a) Ramon invested P100,000 in cash and 30,000 in gym equipment in the business.b) Paid P10,000 for the first month’s rent.c) Purchased supplies costing P4,000 on credit.d) Purchased exercise equipment costing P25,000.e) Recorded income for the first half of the month of P6,500 in cash and P3,500 onaccount.f) Received payment from a customer on account for P1600.g) Ramon withdrew P500 for a graduation gift.h) Paid aerobics instructor her salary, P3,000.i) Paid miscellaneous expense P1,500j) Recorded income for the second half of the month of P5,600 in cash.Use the double-entry method in the accounting equation to record each of the abovetransactions. Summarize the final value of each account under Assets, Liabilities andCapital. Prepare a Balance Sheet of Quarantine Gym as of August 31.Using the following information, prepare a year-end balance sheet for Lake Mills Vet Clinic as of December 31. Accounts Payable $ 2,575 Accumulated Depreciation, Building 90,400 Accumulated Depreciation, Equipment 56,200 Building 375,000 Cash 27,232 Equipment 102,200 Land 37,000 Supplies 250 L. Mills, Capital 392,507 Lake Mills Vet Clinic Balance Sheet December 31, 20-- Assets $fill in the blank b7deb00eb07cfa4_2 fill in the blank b7deb00eb07cfa4_4 fill in the blank b7deb00eb07cfa4_6 fill in the blank b7deb00eb07cfa4_8 fill in the blank b7deb00eb07cfa4_10 fill in the blank b7deb00eb07cfa4_11 fill in the blank b7deb00eb07cfa4_13 fill in the blank b7deb00eb07cfa4_15 fill in the blank b7deb00eb07cfa4_16 Total Assets $fill in the blank b7deb00eb07cfa4_17 Liabilities $fill in the blank b7deb00eb07cfa4_19 Owner's Equity fill in the blank b7deb00eb07cfa4_21 Total Liabilities…