Karen Franklin opens a hair salon. During the first month of operation (September), the business titled "Stylette Inc.", experienced the following events:

Sept 6	Karen invested $40,000 in the business which in return issued common shares to her.
Sept 9	Stylette Inc. paid $10,000 cash for salon furniture and equipment.
Sept 11	Stylette Inc. purchased hair supplies for $4,000 on account.
Sept 15	Stylette Inc. officially opened for business.
Sept 16	Karen used personal funds to pay for a kitchen renovation costing $15,000 at her home.
Sept 15-30	During the rest of the month, Stylette Inc. provided salon services of $14,000, receiving cash for half the revenue earned.
Sept 15-30	The salon paid cash expenses: stylist salaries, $3,000; salon rent, $1,200; utilities $200.
Sept 30	The salon used hair supplies with a cost of $350.
Sept 30	The salon borrowed $8,000 signing a note payable to the bank.
Sept 30	The salon paid $1,500 on account to a supplier.

Required:

Karen Franklin needs the following answers about her salon after its first month of operations.

1. The total assets of the salon are ______

2. Customers owe _______to the salon.

3. The salon owes a total of _______.

4. Karen Franklin has a claim to ______of the salon's assets.

5. The salon earned a total net income for the month of September of ________.

Question 37 Karen Franklin opens a hair salon. During the first month of operation (September), the business titled "Stylette Inc.", experienced the following events: Not yet answered Marked out of 10.00 P Flag question Sept 6 Karen invested $40,000 in the business which in return issued common shares to her. Sept 9 Stylette Inc. paid $10,000 cash for salon furniture and equipment. Sept 11 Stylette Inc. purchased hair supplies for $4,000 on account. Sept 15 Stylette Inc. officially opened for business. Sept 16 Karen used personal funds to pay for a kitchen renovation costing $15,000 at her home. Sept 15-30 During the rest of the month, Stylette Inc. provided salon services of $14,000, receiving cash for half the revenue earned. Sept 15-30 The salon paid cash expenses: stylist salaries, $3,000; salon rent, $1,200; utilities $200. Sept 30 The salon used hair supplies with a cost of $350. Sept 30 The salon borrowed $8,000 signing a note payable to the bank. Sept 30 The salon paid $1,500 on account to a supplier. Required: Karen Franklin needs the following answers about her salon after its first month of operations. 1. The total assets of the salon are 2. Customers owe to the salon. 3. The salon owes a total of 4. Karen Franklin has a claim to of the salon's assets. 5. The salon earned a total net income for the month of September of Next page