Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

9 Benjamin Stone opened Stone's Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's

image text in transcribed

9 Benjamin Stone opened Stone's Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: 00:46:41 Skipped 1. Benjamin, the sole stockholder, invested $37,000 cash in the business in exchange for common stock. 2. Benjamin contributed $112,000 of equipment to the business in exchange for common stock. 3. The company paid $3,200 cash to rent office space for the month of March. 4. The company received $28,000 cash for repair services provided during March. 5. The company paid $7,400 for salaries for the month of March. 6. The company provided $4,200 of services to customers on account. 7. The company paid cash of $1,700 for utilities for the month of March. 8. The company received $4,300 cash in advance from a customer for repair services to be provided in April. 9. The company paid Benjamin $6,200 cash as a dividend. Based on this information, total stockholder's equity reported on the balance sheet at the end of March would be

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

GAO Financial Audit Manual Volume 1 Updated April 2020

Authors: United States Government GAO

2020 Edition

B091PR8396, 979-8733135977

More Books

Students also viewed these Accounting questions