Dan Oliver worked as an accountant at a local accounting firm for five years after graduating from
Question:
Dan Oliver worked as an accountant at a local accounting firm for five years after graduating from college. Recently, he opened his own accounting practice, which he operates as a corporation. The name of the new entity is Oliver and Associates, Inc. Dan experienced the following events during the first month of operations. Some of the events were personal and did not affect the accounting practice. Others were business transactions and should be accounted for by the business.
Requirements 1. Enter each transaction in the expanded accounting equation of Oliver and Associates, Inc., as needed, calculating new balances after each transaction.
2. Determine the following items:
a. Total assets
b. Total liabilities
c. Total stockholders’ equity
d. Net income or net loss for June.
Step by Step Answer: