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Help! I don't know what else I need to fill out. Please include the NET INCOME Lita Lopez started Biz Consulting, a new business, and
Help! I don't know what else I need to fill out. Please include the NET INCOME
Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $61,000 cash and office equipment valued at $37,000 in the company in exchange for its common stock. b. The company purchased an office suite for $42,000 cash. c. The company purchased office equipment for $6,000 cash. d. The company purchased $3,400 of office supplies and $1,800 of office equipment on credit. e. The company paid a local newspaper $810 cash for printing an announcement of the office's opening. f. The company completed a financial plan for a client and billed that client $4,900 for the service. g. The company designed a financial plan for another client and immediately collected a $8,100 cash fee. h. The company paid $1,200 cash in dividends to the owner (sole shareholder). i. The company received $3,900 cash as partial payment from the client described in transaction f. j. The company made a partial payment of $900 cash on the equipment purchased in transaction d. k. The company paid $1,600 cash for the office secretary's wages for this period. Required: 1. Enter the amount of each transaction on individual items of the accounting equation. 2. Determine the company's net income. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Enter the amount of each transaction on individual items of the accounting equation. (Reductions in account balances should be indicated with a minus sign.) Liabilities Equity Cash Accounts Receivable Accounts Payable Common Stock Dividends Revenues Expenses a. $ 61,000 + + + $ 98,000 + b. + + + + Assets Office Office Supplies + Office Suite Equipment + $ 37,000 + + + + 42,000= 0 + 37,000 + 42,000 = 6,000 + 0 + 43,000 + 42,000 = + 1,800 + 0 + 44.800 + 42.000 = Bal. 61,000 + 0 + 0 + 98,000 0 + 01 - 0 C. + + + + = + + Ball 61,000 + 0 + 0 + 98,000 0 + 0 - 0 d. + + + + Bal 61,000 + 0 + 0 + 98,000 0 + 01 - 0 e. + + + + + + 8101 810 Bal. 61,000 + 0 + 0 + 44.800 + 42,000 = 0 + 98,000 0 + 0 f. + + + = + + 4,900 + 4,900 + Bal. 61,000 + 0 + 44,800 + 42,000 = 0 + 98,000 0 + 0 810 + + + = + + 9. Bal. + 44,800 + 8,100 8,100 4,900 + 01 + 42,000 = 0 + 98,000 0 + 810 61,000 + (1,200) + 59,800 + + + + = + h. h Bal. + 0 + 44,800 + 42,000 = 0 + 98,000 0 + 8,100 810 i. + 4,900 + (3,900)| + 1,000 + + + + + Bal. 0 + 44,800 + 42,000 = 0 + 98,000 0 + 8,100 - 810 + + + + + j Bal 59,800 + (900)| + 58,900 + (1,600) + 57,300 + 1,000 + 0 + 44.800 + 42,000 = 0 + 98,000 0 + 8,100 810 k. + + + + + Bal. $ $ 1,000 + $ 0 + $ 44,800 + $ 42,000 = $ 01 + $ 98,000 $ 0 + 0 + $ 8,100 $ 810Step by Step Solution
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