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Page 5 of 6 Problem5: At the beginning of a year, a businessman opens up...

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Accounting

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Page 5 of 6 Problem5: At the beginning of a year, a businessman opens up a small company and invests $13,000 cash as capital in it; he purchases equipment for a total cost of $8,000 by paying from that cash; he borrows $3000 from the bank (all at the beginning of the year). During the year the company spends 4,000 in labor and raw materials for production, which returns revenues of 5,000. Then. $1500 of the loan to the bank is repaid. Present the balance sheet at a) The beginning of the year b) The end of the year c) How much net income did the small company earn

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