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Exercise 2-24 (Algo) Computing net income LO P1 A company had the following assets and liabilities at the beginning and end of this year Beginning of the year End of the year Assets $ 76,500 131,500 Liabilities $ 32,796 53,258 a. Owner made no investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business, but did withdraw $17,400 during the year c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. d. Owner withdrew $17.400 during the year, but the owner did invest an additional $35,000 cash near year-end. Determine net income or net loss for the business during the year for each of the above separate cases: (Decreases in equity should be indicated with a minus sign.) b. d. Beginning of the year-Equity Owner investments Owner withdrawals Net income (loss) End of the year-Equity [The following information applies to the questions displayed below) Carmen Camry operates a consulting firm called Help Today, which began operations on December 1 On December 31, the company's records show the following selected accounts and amounts for the month of December Cash Accounts receivable office supplies Office equipment Land Accounts payable C. Camry, Capital $ 25,410 C. Camry, withdrawals 22, 420 Consulting revenue 5,320 Rent expense 20,060 Salaries expense 44,050 Telephone expense 10,519 Miscellaneous expenses 102,500 $ 6,850 27,060 9,610 5,650 940 560 Exercise 2-25 (Algo) Preparing an income statement LO P1 Use the above information to prepare a December income statement for the business HELP TODAY Income Statement 0 Required information Use the following information for Exercises 25-27 below. (Algo) [The following information applies to the questions displayed below.) Carmen Camry operates a consulting firm called Help Today, which began operations on December 1, On December 31, the company's records show the following selected accounts and amounts for the month of December Cash Accounts receivable office supplies Office equipment Land Accounts payable C. Camry, Capital $ 25,410 C. Camry, Withdrawals 22,420 Consulting revenue 5,320 Rent expense 20,060 Salaries expense 44,050 Telephone expense 10,510 Miscellaneous expenses 102,500 $ 6,050 27,060 9,610 5,650 940 560 Exercise 2-26 (Algo) Preparing a statement of owner's equity LO P1 Use the above information to prepare a December statement of owner's equity for Help Today. The C. Camry, Capital account balance at December 1 was $0, and the owner invested $102,500 in the company on December 2. Hint Net income for December is $10,300. HELP TODAY Statement of Owner's Equity C. Camry, Capital, December 1 Use the following information for Exercises 25-27 below. (Algo) [The following information applies to the questions displayed below.) Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On December 31, the company's records show the following selected accounts and amounts for the month of December Cash Accounts receivable office supplies Office equipment $ 25,410 22,420 5,320 20,060 44,050 10,510 102,500 C. Camry, Withdrawals Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 6,050 27,060 9,610 5,650 940 560 Land Accounts payable C. Camry, Capital Exercise 2-27 (Algo) Preparing a balance sheet LO P1 Use the above information to prepare a December 31 balance sheet for Help Today. Hint. The ending C. Camry, Capital account balance as of December 31 is $106,750. HELP TODAY Balance Sheet