Question
116-008. Assume the November transactions for Camindo Co. are as follows: a. Received cash of $60,000 from investors in exchange for common stock. b. Provided
116-008. Assume the November transactions for Camindo Co. are as follows:
| a. | Received cash of $60,000 from investors in exchange for common stock. |
| b. | Provided services of $16,300 on account. |
| c. | Purchased supplies on account $750. |
| d. | Received cash of $11,800 from clients for services previously billed. |
| e. | Received $6,250 for services provided from clients who paid cash. |
| f. | Paid $600 on account for supplies that had been purchased. |
| g. | Paid $3,380 for a one-year insurance policy. |
| h. | Paid the following expenses: wages, $7,800; utilities, $1,000; rent, $3,750. |
| i. | Paid dividends of $2,300 to stockholders. |
Record the transactions, using the integrated financial statement framework that follows: Assets = Liabilities + Stockholders' Equity Cash Accounts Receivable Prepaid Supplies Insurance Accounts Payable Common Retained | Stock Earnings Bal. Calculate the November 30 cash balance and the amount of net income for November for Hoover Co
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