Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Below are the final month end transactions for a new company just established: Entrepreneur invests $100,000 cash as sole stockholder in new company, the cash
Below are the final month end transactions for a new company just established:
Entrepreneur invests $100,000 cash as sole stockholder in new company, the cash is from personal savings.
Supplies Purchased on account $2,000
Fees Earned on account, $50,000
Wage Expense $5 000 on account (pay commissions on 10th of following month
Supplies on hand end of month $1,000
Dividends $10,000 cash paid at end of month
Create Balance Sheet from info above:
The total of Assets are?
Group of answer choices
$90,000
$141,000
$142,000
$170,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started