1 - 10 points Blue Water Kayak began operations on January 1, 2019. The owner invested $20,000 during the first year and was able to withdraw cash of $57,000 after a successful first year During 2020, the second year of operations, the business reported profit of $185,000, owner withdrawals of $83.000, and no owne investments in 2021. the third year, Blue Water Kayak incurred a loss of $6.000. The owner made no withdrawals and no owner Investments during this period. At the end of 2021, owner's capital was $130.000 Required: Calculate the profit or loss for 2019 eBook References 2 On August 2019. Cross Fitness entered its second year of operations. Cross Fitness provides high performance group and personal training courses that have been derived from scientific research and exerches used by professional athletes. Only 3 2020. Jay Grey, the owner, finalized the company's records, which showed the following items 10 Do book Call Accounts payable Accounts receivable Say Grey, Capital, July 21, 2014 Say Grey, withdrawal retur twest Wees peable workout it Prepaid rent Rent experts Personal trainingen Group training revenue Supplies Supeluse pense Utilities expense spense $ 11,700 55,00 1,500 5.00 7, 15,500 4. 4) 21 6,0 335,500 3. 165, 4. 10,700 12.100 70,00 Hint: The ending Capital balance for one period is the begiving a lance for the next period There were no owner investments during the year ended July 2020 Required: 6. Prepare an income statement for the year ended July 2020 CROSS FITNESS 2 Required: a. Prepare an income statement for the year ended July 31, 2020. 10 points CROSS FITNESS Income Statement For Year Ended July 31, 2020 Revenues eBook Pant References Total revenues Operating expenses Total operating expenses 2 b. Prepare statement of changes in equity for the year ended July 31, 2020. (Leave no cell blank, enter "O" where ever required.) 10 points CROSS FITNESS Statement of Changes in Equity For Year Ended July 31, 2020 Jay Grey, capital August 1, 2019 800 Punt Refentices Total Jay Grey Capital July 31 2000 2 10 points c. Prepare balance sheet at July 31, 2020 co CROSS FITNESS Balance Sheet July 31, 2020 Reference Assets Liabilities Totalities Equity Total assets Totallaties and equity Analysis Component Analyze the balance sheet and calculate what percentage of the assets at July 31, 2020, were financed by (a) debt and (b) equity. (Round your answers to 2 decimal places.) Percentage of Assets % Debt Equity % Chee 3 The accounting records of LeClaire Delivery Services show the following assets and abilities as of the end of 2020 and 2019 10 Cash ms receivable officie Trucks office equit Land thulling Accounts payable Natus payable Decembe 2020 2013 10.72 527,600 13.07 15,150 2,100 > 0.000 3,00 78,000 1,500 99,000 20,100 4,200 61,500 ces During December 2020 the owner, Jess LeClaire purchased a small office building and moved the business from rented quarters to the new building. The building and the land it occuples cost $130.500. The business paid $69.000 in cash and a note payable was signed for the balance. LeClaire had to invest $18.400 cash in the business to enable it to pay the $69.000. The business earned a prolit during 2020, which enabled LeClaire to withdraw $2.400 per month from the business for personal expenses Required: 1-a. Prepare balance sheet for the business as of the end of 2019, 3 Required: 1-o. Prepare balance sheet for the business as of the end of 2019 10 points LeCLAIRE DELIVERY SERVICES Balance Sheet December 31, 2010 ebook Assets Liabilities P References Equity Total assets Total abilities and equity 3 1-b. Prepare balance sheet for the business as of the end of 2020. 10 points LOCLAIRE DELIVERY SERVICES Balance Sheet December 31, 2020 eBook Liabilities Assets Print References Total liabilities Equity Total assets Total liabilities and equity 3 2. Prepare a calculation to show how much profit was earned by the business during 2020 10 points Calculation of profit for 2020 Jess LeClaire, Capital December 31, 2019 eRook Print References Jess LeClaire, capital December 31, 2020 Analysis Component: Compare the increase in assets from December 31, 2019, to December 31, 2020, and complete the following table Increase in assets Increase in Assets financed by debt Increase in Assets financed by equity 4 The following financial statement information is known about five unrelated companies: Company A Company B Company c Company 10 points $110,000 48,000 $125,000 55,000 $ 78,000 38,000 Company D $170,000 96,000 $266,000 ? December 31, 2019: Assets Liabilities December 31, 2020: Assets Liabilities During 2020: Owner investments Profit (loss) Owner withdrawals 116,000 2 102,000 65,000 ? 48,000 270,000 138,000 245,000 160,000 eBook Print 30.000 (26,000) 7.000 39,000 ? 8,000 25,500 20,000 10,750 2 34,000 -- 11,000 38,000 20,000 References Required: 1. Answer the following questions about Company A: o. What was the equity on December 31, 2019? Equity 4 b. What was the equity on December 31, 2020? 10 c. What was the amount of liabilities owed on December 31, 2020? He Les 2 Answer the following questions about Company .. What was the equity on December 31, 2019? 4 b. What was the equity on December 31, 2020? Equity 10 points eBook Print References c. What was the profit (loss) for 2020? 4 3. Calculate the amount of assets owned by Company Con December 31, 2020. 10 points P Heterences 4. Calculate the amount of owner investments in Company D made during 2020, Owner investments 4 10 points eBook Print References 5. Calculate the amount of liabilities owed by Company E on December 31, 2019. Liabilities 07 George Littlechild started a new kitchen and both design business called Littlechild Enterprises. The following activities occurred during its first month of operations, March 2020: 10 pot ebook Herences a. Littlechild invested $235.000 cash and office equipment valued at $35.000 in the business b. Purchased a small building for $750,000 to be used as an office. Pald $175,000 in cash and signed a note payable promising to pay the balance over several years. c. Purchased $4.500 of office supplies for cash, d. Purchased $87,000 of office equipment on credit e. Littlechild made reservations at a hotel hosting a kitchen and bath design conference in August 2020. He will send a $2.500 deposit on July 1, 2020 . Completed a project on credit and billed the client $6.700 for the work 9. Paid a local online newspaper $5,000 for an announcement that the office had opened, h. Completed a project for a client and collected $5.500 cash I. Made a $5,500 payment on the equipment purchased in (d) J. Received $3.250 from the client described in (). k. Paid $10,000 cash for the office secretary's wages 1. Littlechild withdrew 55,100 cash from the company bank account to pay personal living expenses Required: 1. & 2. Complete the following table. Use additions and subtractions to show the transactions effects on the elements of the equation, For each change in equity, select whether the change was caused by an investment a revenue an expense, or a withdrawal Determine the final total for each item and verify that the equation is in balance (Enter all amounts as positive values. If the transaction/event does not affect equity or do not require a journal entry, select "No Affect on Equity in the 'Explanation of equity transaction field.) transaction te Check my work 07 10 ebook od re 60 00 03 100 Ball 5 10 points 3-a. Prepare an income statement. eBook Littlechild Enterprises Income Statement For Month Ended March 31, 2020 Print Revenues References Service revenue Operating expenses Wages expense Advertising expense Total operating expenses 5 3-b. Prepare a statement of changes in equity. 10 points eBook Print Littlechild Enterprises Statement of Changes in Equity For Month Ended March 31, 2020 George Littlechild, capital, March 1 Add: Investments by owner Total Less: Withdrawals by owner Loss George Littlechild capital, March 31 References 5 3-c. Prepare a balance sheet 10 points BOOK Assets Print References Cash Accounts receivable Office supplies Office equipment Building Total assets Littlechild Enterprises Balance Sheet March 31, 2020 Liabilities Accounts payable Notes payable Total liabilities Equity George Littlechild, capital Total abilities and equity CH 5 Latitles Anspray No pable Total Equity Georg Lichaap Tolundu Acombe Office Ocean bung Tales 10 Wences Analysis Component: Littlechild Enterprises assets are financed 71% by debt. What does this mean? As part of your answer, include an explanation of how the 71% was calculated. (Round your answer to the nearest whole number) Assets result from a combination of cott and equity tnancing A.L.El Licha Enterprises to assets of resulted from incurring 100 715 1 - 10 points Blue Water Kayak began operations on January 1, 2019. The owner invested $20,000 during the first year and was able to withdraw cash of $57,000 after a successful first year During 2020, the second year of operations, the business reported profit of $185,000, owner withdrawals of $83.000, and no owne investments in 2021. the third year, Blue Water Kayak incurred a loss of $6.000. The owner made no withdrawals and no owner Investments during this period. At the end of 2021, owner's capital was $130.000 Required: Calculate the profit or loss for 2019 eBook References 2 On August 2019. Cross Fitness entered its second year of operations. Cross Fitness provides high performance group and personal training courses that have been derived from scientific research and exerches used by professional athletes. Only 3 2020. Jay Grey, the owner, finalized the company's records, which showed the following items 10 Do book Call Accounts payable Accounts receivable Say Grey, Capital, July 21, 2014 Say Grey, withdrawal retur twest Wees peable workout it Prepaid rent Rent experts Personal trainingen Group training revenue Supplies Supeluse pense Utilities expense spense $ 11,700 55,00 1,500 5.00 7, 15,500 4. 4) 21 6,0 335,500 3. 165, 4. 10,700 12.100 70,00 Hint: The ending Capital balance for one period is the begiving a lance for the next period There were no owner investments during the year ended July 2020 Required: 6. Prepare an income statement for the year ended July 2020 CROSS FITNESS 2 Required: a. Prepare an income statement for the year ended July 31, 2020. 10 points CROSS FITNESS Income Statement For Year Ended July 31, 2020 Revenues eBook Pant References Total revenues Operating expenses Total operating expenses 2 b. Prepare statement of changes in equity for the year ended July 31, 2020. (Leave no cell blank, enter "O" where ever required.) 10 points CROSS FITNESS Statement of Changes in Equity For Year Ended July 31, 2020 Jay Grey, capital August 1, 2019 800 Punt Refentices Total Jay Grey Capital July 31 2000 2 10 points c. Prepare balance sheet at July 31, 2020 co CROSS FITNESS Balance Sheet July 31, 2020 Reference Assets Liabilities Totalities Equity Total assets Totallaties and equity Analysis Component Analyze the balance sheet and calculate what percentage of the assets at July 31, 2020, were financed by (a) debt and (b) equity. (Round your answers to 2 decimal places.) Percentage of Assets % Debt Equity % Chee 3 The accounting records of LeClaire Delivery Services show the following assets and abilities as of the end of 2020 and 2019 10 Cash ms receivable officie Trucks office equit Land thulling Accounts payable Natus payable Decembe 2020 2013 10.72 527,600 13.07 15,150 2,100 > 0.000 3,00 78,000 1,500 99,000 20,100 4,200 61,500 ces During December 2020 the owner, Jess LeClaire purchased a small office building and moved the business from rented quarters to the new building. The building and the land it occuples cost $130.500. The business paid $69.000 in cash and a note payable was signed for the balance. LeClaire had to invest $18.400 cash in the business to enable it to pay the $69.000. The business earned a prolit during 2020, which enabled LeClaire to withdraw $2.400 per month from the business for personal expenses Required: 1-a. Prepare balance sheet for the business as of the end of 2019, 3 Required: 1-o. Prepare balance sheet for the business as of the end of 2019 10 points LeCLAIRE DELIVERY SERVICES Balance Sheet December 31, 2010 ebook Assets Liabilities P References Equity Total assets Total abilities and equity 3 1-b. Prepare balance sheet for the business as of the end of 2020. 10 points LOCLAIRE DELIVERY SERVICES Balance Sheet December 31, 2020 eBook Liabilities Assets Print References Total liabilities Equity Total assets Total liabilities and equity 3 2. Prepare a calculation to show how much profit was earned by the business during 2020 10 points Calculation of profit for 2020 Jess LeClaire, Capital December 31, 2019 eRook Print References Jess LeClaire, capital December 31, 2020 Analysis Component: Compare the increase in assets from December 31, 2019, to December 31, 2020, and complete the following table Increase in assets Increase in Assets financed by debt Increase in Assets financed by equity 4 The following financial statement information is known about five unrelated companies: Company A Company B Company c Company 10 points $110,000 48,000 $125,000 55,000 $ 78,000 38,000 Company D $170,000 96,000 $266,000 ? December 31, 2019: Assets Liabilities December 31, 2020: Assets Liabilities During 2020: Owner investments Profit (loss) Owner withdrawals 116,000 2 102,000 65,000 ? 48,000 270,000 138,000 245,000 160,000 eBook Print 30.000 (26,000) 7.000 39,000 ? 8,000 25,500 20,000 10,750 2 34,000 -- 11,000 38,000 20,000 References Required: 1. Answer the following questions about Company A: o. What was the equity on December 31, 2019? Equity 4 b. What was the equity on December 31, 2020? 10 c. What was the amount of liabilities owed on December 31, 2020? He Les 2 Answer the following questions about Company .. What was the equity on December 31, 2019? 4 b. What was the equity on December 31, 2020? Equity 10 points eBook Print References c. What was the profit (loss) for 2020? 4 3. Calculate the amount of assets owned by Company Con December 31, 2020. 10 points P Heterences 4. Calculate the amount of owner investments in Company D made during 2020, Owner investments 4 10 points eBook Print References 5. Calculate the amount of liabilities owed by Company E on December 31, 2019. Liabilities 07 George Littlechild started a new kitchen and both design business called Littlechild Enterprises. The following activities occurred during its first month of operations, March 2020: 10 pot ebook Herences a. Littlechild invested $235.000 cash and office equipment valued at $35.000 in the business b. Purchased a small building for $750,000 to be used as an office. Pald $175,000 in cash and signed a note payable promising to pay the balance over several years. c. Purchased $4.500 of office supplies for cash, d. Purchased $87,000 of office equipment on credit e. Littlechild made reservations at a hotel hosting a kitchen and bath design conference in August 2020. He will send a $2.500 deposit on July 1, 2020 . Completed a project on credit and billed the client $6.700 for the work 9. Paid a local online newspaper $5,000 for an announcement that the office had opened, h. Completed a project for a client and collected $5.500 cash I. Made a $5,500 payment on the equipment purchased in (d) J. Received $3.250 from the client described in (). k. Paid $10,000 cash for the office secretary's wages 1. Littlechild withdrew 55,100 cash from the company bank account to pay personal living expenses Required: 1. & 2. Complete the following table. Use additions and subtractions to show the transactions effects on the elements of the equation, For each change in equity, select whether the change was caused by an investment a revenue an expense, or a withdrawal Determine the final total for each item and verify that the equation is in balance (Enter all amounts as positive values. If the transaction/event does not affect equity or do not require a journal entry, select "No Affect on Equity in the 'Explanation of equity transaction field.) transaction te Check my work 07 10 ebook od re 60 00 03 100 Ball 5 10 points 3-a. Prepare an income statement. eBook Littlechild Enterprises Income Statement For Month Ended March 31, 2020 Print Revenues References Service revenue Operating expenses Wages expense Advertising expense Total operating expenses 5 3-b. Prepare a statement of changes in equity. 10 points eBook Print Littlechild Enterprises Statement of Changes in Equity For Month Ended March 31, 2020 George Littlechild, capital, March 1 Add: Investments by owner Total Less: Withdrawals by owner Loss George Littlechild capital, March 31 References 5 3-c. Prepare a balance sheet 10 points BOOK Assets Print References Cash Accounts receivable Office supplies Office equipment Building Total assets Littlechild Enterprises Balance Sheet March 31, 2020 Liabilities Accounts payable Notes payable Total liabilities Equity George Littlechild, capital Total abilities and equity CH 5 Latitles Anspray No pable Total Equity Georg Lichaap Tolundu Acombe Office Ocean bung Tales 10 Wences Analysis Component: Littlechild Enterprises assets are financed 71% by debt. What does this mean? As part of your answer, include an explanation of how the 71% was calculated. (Round your answer to the nearest whole number) Assets result from a combination of cott and equity tnancing A.L.El Licha Enterprises to assets of resulted from incurring 100 715