Question
Eze LLC consults to the tourism industry on the Cote d'Azur. As of the start of the current month, December, the LLC's balance sheet was
Eze LLC consults to the tourism industry on the Cote d'Azur. As of the start of the current month, December, the LLC's balance sheet was as follows: Assets Cash $11,000 Accounts Receivable $13,000 Property $5,000 Liabilities Accounts Payable $5,000 Business Loan Payable $6,000 Owner's Equity $18,000 If only the following transactions occur during the month, what is the balance in property account at the end of the month? 1. Buys a new company car for $11,000. The bank agrees to increase the business loan to cover this purchase. 2. Bills clients $4,000 for work performed during the month. Payments will come next year. 3. Buys office supplies for $1,000, paying immediately 4. Pays employee salaries of $2000
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