A company began operations on April 1, 2017. The transactions described below were made in...
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A company began operations on April 1, 2017. The transactions described below were made in April: -Shareholders contributed $135,000 for common stock of the company. -The company paid $50,000 in advance and $100,000 on account for merchandise for resale due in four months or less. -They paid $32,000 in cash in advance for an eight-month occupancy. -Goods that had originally cost $130,000 were sold for $200,000 on account. -Payments of $50,000 were made to suppliers. Collections of $120,000 were made from customers. -Employees were paid $6,000 in wages. Calculate the cash balance, the total asset balance, and net income at the end of April.
A company began operations on April 1, 2017. The transactions described below were made in April:
-Shareholders contributed $135,000 for common stock of the company.
-The company paid $50,000 in advance and $100,000 on account for merchandise for resale due in four months or less.
-They paid $32,000 in cash in advance for an eight-month occupancy.
-Goods that had originally cost $130,000 were sold for $200,000 on account.
-Payments of $50,000 were made to suppliers. Collections of $120,000 were made from customers.
-Employees were paid $6,000 in wages.
Calculate the cash balance, the total asset balance, and net income at the end of April.
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