Using the following transactions, calculate (a) net income for the period, as well as the ending balances of (b) total assets, (c) total liabilities, and (d) Cash
a. Opened business by issuing common stock for $36,000.
b. Paid one year's insurance in advance, $2,400.
c. Billed customers for services rendered, $6,000.
d. Received utility bill, to be paid next month, $400.
e. Received $800 in advance of performing a service.
f. Received $4,400 from customers billed in c.
g. Paid $300 on the utility bill of d.
h. Dividends of $2,000 were declared and paid.
a. $5,600 ($6,000 – $400)
b. $40,500 ($36,000 + $6,000 + $800 – $300 – $2,000)
c. $900 ($400 + $800 – $300)
d. $36,500 debit ($36,000 + $800 + $4,400 – $2,400 – $300 – $2,000)
You might also like to view...
A marketing manager has planned a strategy that will require the organization to erect outposts to protect its weak front-running brands. In this ________ defense, the outposts will be central to the organization's new competitive strategy
A) position B) flank C) preemptive D) counteroffensive E) mobile
When the goods covered by a contract are unique and it is not possible for a buyer to obtain substitute goods, the buyer is entitled to ________ of the contract.
A. cover B. incidental damages C. specific performance D. liquidated damages
The action step in Monroe’s Motivated Sequence involves ______.
a. introducing a proposed solution to an existing problem b. elaborating on the need to address a particular issue c. asking the audience to do something related to the solution d. creating awareness that a problem exists
Elaborate on personal privacy and intellectual property, and discuss the ethical and legal challenges that information technology raises.
What will be an ideal response?