Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help with these questions plz for accounting Prepare balance sheets for Ebony Interiors as of March 31, 2018. Feedback a. Recall that the balance

need help with these questions plz for accounting
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Prepare balance sheets for Ebony Interiors as of March 31, 2018. Feedback a. Recall that the balance sheet is a formal presentation of the accounting equation, such that total assets must equal total liabilities and stockholders' equity. Learning Objective 5 b. Determine the amount of net income for March, assuming that no additional common stock was issued and no dividends were paid during the month. $x c. Determine the amount of net income for March, assuming that no additional common stock was issued, but dividends of $23,500 were paid during the month. Net Income and Stockholders' Equity for Four Businesses Four different corporations, Aries, Gemini, Leo, and Pisces, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders' equity, are summarized as follows: On the basis of the above data and the following additional information for the year, determine the net income (or loss) of each company for the year. (Hint: First, determine the amount of increase or decrease in stockholders' equity during the year.) Aries: No additional common stock was issued, and no dividends were paid. Gemini: No additional common stock was issued, but dividends of $6,400 were paid. Leo: Additional common stock of $32,600 was issued, but no dividends were paid. Pisces: Additional common stock of $41,000 was issued, and dividends of $8,100 we Enter all amounts as positive numbers. a. (2) Select the description for transaction 2. a. (3) Select the description for transaction 3. a. (4) Select the description for transaction 4. a. (5) Select the description for transaction 5 . a. (6) Select the description for transaction 6 . a. (7) Select the description for transaction 7. b. What is the amount of the net decrease in cash during the month? Enter decrease as a positive number. \$ x c. What is the amount of the net increase in stockholders' equity during the month? d. What is the amount of the net income for the month? \$ e. How much of the net income for the month was retained in the business? Journalizing and Posting On February 11, 20Y9, Quick Fix Company purchased $3,090 of supplies on account. In Quick Fix's chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21. a. Journalize and insert the posting reference for the February 11, 20Y9, transaction on page 73 of Quick Fix Company's two-column journal. If an amount box does not require an entry, leave it blank. b. \& d. Enter a debit balance of $1,480 as of February 1, 20Y9. Place a check mark () in the Posting Reference column. Post and insert the posting reference for the February 11, 20Y9, transaction to the account. If an amount box does not require an entry, leave it blank. c. \& d. Enter a credit balance of $22,000 as of February 1, 20Y9. Place a check mark () in the Posting Reference column. Post and insert the posting reference for the February 11, 20Y9, transaction to the account. If an amount box does not require an entry, leave it blank. e. Do the rules of debit and credit apply to all companies

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

CISA Certified Information Systems Auditor All In One Exam Guide

Authors: Peter H. Gregory

4th Edition

1260458806, 978-1260458800

More Books

Students also viewed these Accounting questions

Question

4. Identify cultural variations in communication style.

Answered: 1 week ago