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Can someone please help , please include solution thanks Assume that you are the owner of Campus Connection, which specializes in items that interest students.
Can someone please help , please include solution thanks
- Assume that you are the owner of Campus Connection, which specializes in items that interest students. At the end of January of the current year, you find (for January only) this information:
- Sales, per the cash register tapes, of $112,000, plus one sale on credit (a special situation) of $3,500.
- With the help of a friend (who majored in accounting), you determine that all of the goods sold during January cost $51,000 to purchase.
- During the month, according to the checkbook, you paid $38,000 for salaries, rent, supplies, advertising, and other expenses; however, you have not yet paid the $1,600 monthly utilities for January.
- Required:
On the basis of the data given (disregard income taxes), what was the amount of net income for January? (Hint: A convenient form to use has the following major side captions: Revenues, Expenses, and the differenceNet Income.)
2)
3)
Compute the two missing amounts for each case. Assume that it is the end of the first full year of operations for the company. Note: Loss amounts should be indicated with a minus sign. Required: On the basis of the data given, prepare a statement of stockholders' equity for 2023. Compute the two missing amounts for each case. Assume that it is the end of the first full year of operations for the company. Note: Loss amounts should be indicated with a minus sign. Required: On the basis of the data given, prepare a statement of stockholders' equity for 2023
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