1 answer

Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first...

Question:

Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operatio

Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $61,000 cash and office equipment valued at $37,000 in the company in exchange for its common stock. b. The company purchased an office suite for $47,000 cash. c. The company purchased office equipment for $5,600 cash. d. The company purchased $3,400 of office supplies and $1,200 of office equipment on credit. e. The company paid a local newspaper $810 cash for printing an announcement of the office's opening. f. The company completed a financial plan for a client and billed that client $4,500 for the service. g. The company designed a financial plan for another client and immediately collected a $8,800 cash fee. h. The company paid $1,100 cash in dividends to the owner (sole shareholder). i. The company received $3,500 cash as partial payment from the client described in transaction f. j. The company made a partial payment of $600 cash on the equipment purchased in transaction d. k. The company paid $1,800 cash for the office secretary's wages for this period. Required: 1. Enter the amount of each transaction on individual items of the accounting equation. 2. Determine the company's net income. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the company's net income. Net income < Required 1 Required 2 >

Answers

1) Accounting equation

Assets = Liabilities + Stockholder's equity
1. 61000 98000
37000
2 47000
-47000
3. 5600
-5600
4 3400 4600
1200
5 -810 -810
6 4500 4500
7 8800 8800
8 -1100 -1100
9 3500
-3500
10 -600 -600
11 -1800 -1800

2) Net income = 13300-810-1800 = 10690

.

Similar Solved Questions

1 answer
In developing a sales force, discuss what qualities and characteristics would you recommend a business owner...
In developing a sales force, discuss what qualities and characteristics would you recommend a business owner looks for in a potential salesperson. Subject : Entrepreneurship...
1 answer
1. Provide the product and mechanism for the following HBr 2 equiv. H2SO4 HgSO4 H2O *No...
1. Provide the product and mechanism for the following HBr 2 equiv. H2SO4 HgSO4 H2O *No reaction mechanism necessary 1) BH3 2) H2O2, NaOH *No reaction mechanism necessary...
1 answer
The diene below reacts with hydrogen chloride in THF to give several products, including the one...
The diene below reacts with hydrogen chloride in THF to give several products, including the one shown. Write a mechanism for this reaction. 2. Et HCl THF Cl...
1 answer
A government issues $4000000 of serial bonds paying interest at j2 = 9%, of which $2000000...
A government issues $4000000 of serial bonds paying interest at j2 = 9%, of which $2000000 is redeemed in 10 years, $2000000 is redeemed in 15 years and $0 is redeemed in 20 years. Determine the purchase price on the day that the bonds were issued, in order for investors to receive a yield of j2 = 4...
1 answer
Draw a Lewis structure of DMSO ; both C atoms are attached to the S atom.
Draw a Lewis structure of DMSO ; both C atoms are attached to the S atom....
1 answer
What are the theoretical molar ratio values for Ag:Cu and Ag:AgNO3
What are the theoretical molar ratio values for Ag:Cu and Ag:AgNO3? Compare these values to the values you got in your experiment and compute a percent error for your work....
1 answer
What is the polar form of the equation x^2=5y?
What is the polar form of the equation x^2=5y?...
1 answer
I need the detailed answer for this question in excel .. in other words a step...
i need the detailed answer for this question in excel .. in other words a step by step tutorial in photos explaning how to get the correct answer of payback period for both interest rates given in the question using excel. Thursday 1 Ercel s 5 2 212333 3 / 1 2 3 4 5 7 8 9 10 11 12 if MARR= lot o...
1 answer
Several years​ ago, 4949​% of parents who had children in grades​ K-12 were satisfied with the...
Several years​ ago, 4949​% of parents who had children in grades​ K-12 were satisfied with the quality of education the students receive. A recent poll asked 1 comma 1251,125 parents who have children in grades​ K-12 if they were satisfied with the quality of education the st...
1 answer
1) An object is 31.9 cm from a spherical mirror, along the mirror's central axis. The...
1) An object is 31.9 cm from a spherical mirror, along the mirror's central axis. The mirror produces an inverted image with a lateral magnification of absolute value 0.763. What is the focal length of the mirror? 2) More lenses. Object O stands on the central axis of a thin symmetric lens. For ...
1 answer
Questions 1. If an unpolarized light passes through an ideal Polaroid filter, what percent of the...
Questions 1. If an unpolarized light passes through an ideal Polaroid filter, what percent of the light is transmitted? 2 Unpolarized light with intensity I, is incident on a Polaroid, and the emerging light strikes a second Polaroid with its axis at 60 to that of the first. Determine the intensity ...
1 answer
11) The LRC circuit shown has C 8.0 μF, R 250.0 Ω, and unknown L and...
11) The LRC circuit shown has C 8.0 μF, R 250.0 Ω, and unknown L and is driven with an AC current. The total voltage 9.0 V, phase angle ф 32.0 degrees, and angular frequency i Icosot v = V cos (at +p) 4500.0 rad/s. a) What is the inductance L? (10 points) b) What should the capacitanc...
1 answer
I Safari File Edit View History Bookmarks Window Help 令 68%), Sat 1:10 AM Q 1. 1 points LarApCal...
answer question 3-6 i Safari File Edit View History Bookmarks Window Help 令 68%), Sat 1:10 AM Q 1. 1 points LarApCalc10 3.5.002 MI. My Notes Find the number of units x that produces a maximum revenue R. R- 135x -0.06 units Need Help? Read It L Watch It Master It Talk to a Tutor Submit Answer ...
1 answer
Correctly answer each part of question 8 Analysts and investors often use return on equity (ROE)to...
Correctly answer each part of question 8 Analysts and investors often use return on equity (ROE)to compare profitability of a company with other firms in the industry. ROE is considered a very important measure, and managers strive to make the company's ROE numbers look good. If a firm takes ...
1 answer
2. In the context of a firm’s capital structure, when does a firm has an incentive...
2. In the context of a firm’s capital structure, when does a firm has an incentive to (i) take large risks and (ii) make underinvestment? Explain the mechanism/process....
1 answer
Write a balanced net ionic equation for the reaction between barium hydroxide and phosphoric acid (H3PO4)...
Write a balanced net ionic equation for the reaction between barium hydroxide and phosphoric acid (H3PO4) n water....