Jenna Fisk started her business by issuing $8,000 of common stock on January 1, Year 1. Jenna performed $18,500 of service on account during Year 1, and she collected $16,200 of this amount by the end of Year 1. She also paid operating expenses of $14,900 and paid a $600 dividend to the stockholders during Year 1.Required:a) Determine the amount of total assets at the end of Year 1. b) Determine the amount of cash on hand at the end of Year 1.c) Determine net income for Year 1.d) Prepare a balance sheet as of December 31, Year 1.
What will be an ideal response?
a) $11,000
b) $8,700
c) $3,600
d)
a) Total assets = $8,000 + $18,500 ? $14,900 ? $600 = $11,000
b) Cash balance = $8,000 + $16,200 ? $14,900 ? $600 = $8,700
c) Net income = $18,500 ? $14,900 = $3,600
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