chapter 1 homework financial accounting connect

Chapter 1 and 2 Homework (McGraw-Hill Connect)

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Problem-1 – Mcgraw hill connect accounting homework answers chapter 1

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,780 in assets in exchange for its common stock to launch the business. On October 31, the company’s records show the following items and amounts.

Also assume the following:

• The owner’s initial investment consists of $36,750 cash and $46,030 in land in exchange for its common stock..
• The company’s $16,580 equipment purchase is paid in cash.
• The accounts payable balance of $7,250 consists of the $1,960 office supplies purchase and $5,290 in employee salaries yet to be paid.
• The company’s rent, telephone, and miscellaneous expenses are paid in cash.
• No cash has been collected on the $10,600 consulting fees earned.

Using the above information prepare an October 31 statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.)

Problem-2 – Chapter 1 Homework Financial Accounting Mcgraw hill connect

Following are the transactions of a new company called Pose-for-Pics. ( Mcgraw-hill Connect Homework Help )

• Post the transactions to the T-accounts.
• Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics.

Problem-3 – Chapter 1 and 2 Homework (McGraw-Hill Connect)

The transactions of Spade Company appear below.

• Kacy Spade, owner, invested $18,750 cash in the company in exchange for common stock.
• The company purchased office supplies for $544 cash.
• The company purchased $10,369 of office equipment on credit.
• The company received $2,213 cash as fees for services provided to a customer.
• The company paid $10,369 cash to settle the payable for the office equipment purchased in transaction c .
• The company billed a customer $3,975 as fees for services provided.
• The company paid $530 cash for the monthly rent.
• The company collected $1,670 cash as partial payment for the account receivable created in transaction f .
• The company paid $1,000 cash in dividends to the owner (sole shareholder).

Problem-4 – Mcgraw-hill connect accounting chapter 2 homework answers

Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations.

• Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); Common Stock (307); Dividends (319); Services Revenue (403); and Utilities Expense (690).
• Post the journal entries from part 1 to the ledger accounts.
• Prepare a trial balance as of April 30.

Problem-5 – Mcgraw hill connect accounting answers chapter 1

Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company’s fiscal year).

May 1 Prepared a company check for $350 to establish the petty cash fund.

15 Prepared a company check to replenish the fund for the following expenditures made since May 1.

a. Paid $109.20 for janitorial services.

b. Paid $89.15 for miscellaneous expenses.

c. Paid postage expenses of $60.90.

d. Paid $80.01 to The County Gazette (the local newspaper) for an advertisement.

e. Counted $26.84 remaining in the petty cashbox.

16 Prepared a company check for $200 to increase the fund to $550.

31 The petty cashier reports that $370.27 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15.

f. Paid postage expenses of $59.10. g. Reimbursed the office manager for business mileage, $47.05.

h. Paid $48.58 to deliver merchandise to a customer, terms FOB destination.

31 The company decides that the May 16 increase in the fund was too large. It reduces the fund by $50, leaving a total of $500.

Prepare journal entries to establish the fund on May 1, to replenish it on May 15 and on May 31, and to reflect any increase or decrease in the fund balance on May 16 and May 31. (Round your answers to 2 decimal places.)

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 . @ McGraw Hill Connect X Question 6 - Chapter 1 Practice f X...

Answer & explanation.

Requirement 1:

1) Liabilities= $38,000

2) Assets= $104,000

3) Equity = $71,000

Requirement 2:

1) Revenues= $18,000

2) Dividends= $2,600

Step 1: Accounting equation

Assets= Liabilities + Equity

No matter what happens, Asset should always be equal to the sum of Liabilities and Equity

Step 2: Computation

Liabilities = Assets - Equity= $81,000 - $43,000= $38,000

Assest= Liabilities + Equity = $28,000 + $76,000= $104,000

Equity= Assets - Liabilities = $97,000 - $26,000 = $71,000

Step 1: Expanded Accounting Equation

Assets= Liabilities + Common Stock - Dividends + Revenues - Expenses

Common Stock, Dividends, Revenues and Expenses are all part of the Equity

1) Revenues= Assets - Liabilities - Common Stock + Expenses

                 = $52,000 - $19,000 - $26,000  + $11,000 = $18,000

2) Dividends= Assets -  Liabilities - Common Stock - Revenues + Expenses

                    = $91,400 - $35,000 - $50,000 - $30,000 + 21,000 = $2,600

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