Kindly answer Only 3 question 2-a. Prepare the income statement for the current month.2-b. Prepare the statement of retained earnings for the current month.2-c. Prepare the balance sheet as of the end of the month.3. Prepare the statement of cash flows for the current month.Complete this question by entering your answers in the tabs below. es[The following information applies to the questions displayed below.]On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 in assets inexchange for its common stock to launch the business. On December 31, the company's records show the following itemsand amounts.CashAccounts receivableOffice suppliesoffice equipmentLandAccounts payable:Common stock$ 11,360 Cash dividends14,000 Consulting revenue3,250 Rent expense18,000 Salaries expense46,000 Telephone expense8,500 Miscellaneous expenses84,000$2,00014,0003,5587,000760580Using the above information prepare a December income statement for the business.

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Description: Kindly answer Only 3 question 2-a. Prepare the income statement for the current month.2-b. Prepare the statement of retained earnings for the current month.2-c. Prepare the balance sheet as of the end of the month.3. Prepare the statement of cash flo

Cash Flow Statement - Monitoring an organization's cash flow with the aid of a cash flow statement…

Business

Accounting

2-a. Prepare the income statement for the current month. 2-b. Prepare the statement of retained earnings for the current month. 2-c. Prepare the balance sheet as of the end of the month. 3. Prepare the statement of cash flows for the current month.

2-a. Prepare the income statement for the current month. 2-b. Prepare the statement of retained earnings for the current month. 2-c. Prepare the balance sheet as of the end of the month. 3. Prepare the statement of cash flows for the current month.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 1EB: Provide journal entries to record each of the following transactions. For each, identify whether the...

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Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
Janus Company had the following journal entry: Debit Credit Cash $30,000 Common Stock $30,000 From this entry, we can determine that Janus: a Purchased $30,000 of another company’s common stock b Repurchased $30,000 of their own common stock. c Issued $30,000 of their own common stock d urchased $30,000 of Investments.
The declaration, record, and payment dates in connection with a cash dividend of $101,600 on a corporation’s common stock are January 12, March 13, and April 12. Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess…
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Green Rock Corporation had the following transaction: On: Oct .15: It declared cash dividend of $52,000 Dec. 10: It set date of record Jan. 21: Will pay dividend. Make the journal entries to record the transactions on the above dates What is the significance of the date of December 10?
Denna Company's working capltal accounts at the beginning of the year follow Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Accounts payable Notes due within one year Accrued liabilities $ 85,eee $ 25,600 S 386,000 $ 499, 000 S 18, See $ 227,000 $ 130,eee $ 73,500 During the year, Denna Company completed the following transactions: x. Paid a cash dividend previously declared, $45,000. a. Issued additional shares of common stock for cash. $230,000. b Sold inventory costing $82.000 for $115,000, on account c. Wrote off uncollectible accounts in the amount of $16,000, reducing the accounts recelvabie balance accordingly d. Declared a cash dividend, $45.000. e Paid accounts payable, $124,000. f Borrowed cash on a short-term note with the bank, $82,500 g. Sold inventory costing $19,500 for $13,000 cash. h. Purchased Inventory on account. $61.250. 1. Pald off all short-term notes due, $212,500. J. Purchased equipment for cash, $87,000. k. Sold marketable…
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