Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Aggie Kids Parties Co. engaged in the following transactions during Jan 2018, its first month of operations: W. White and his brother each invested $20,000

image text in transcribed
Aggie Kids Parties Co. engaged in the following transactions during Jan 2018, its first month of operations: W. White and his brother each invested $20,000 of cash in exchange for stock in the company. Performed service for customers on account, $2,850 Purchased a building for $20,000 to use as a future office. Pald $2,000 and signed a 2 year note for the balance. Purchased $300 of office supplies. Paid cash. Received $2,000 as a deposit for a job to be performed in February DX Paid employee salaries of $950. Performed service for a customer and received the fee of $1,500. Received payments of $750 from customers on account. Received monthly utility bill of $125. This bill is due on February 15. Paid the following expenses: salary, $950; rent, $500. Counted $100 of office supplies remaining on hand. 31 What is Aggie's net income for January 2018? A. $24,175 B. $1,625 C. $4,275 D. $2,400 E. $4,375

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

College Accounting A Practical Approach

Authors: Jeffrey Slater, Debra Good

14th Canadian Edition

0135222419, 978-0135222416

More Books

Students also viewed these Accounting questions

Question

=+What are the states of nature?

Answered: 1 week ago