D. Calculate the amount or names oweu by company z on December 31, 2019, 1 Problem 1-8B Analyzing transactions and preparing financial statements LO6, 7, 8 excel CHECK FIGURES: 2. Cash balance, December 31, 2020 = $43,800; 3. Profit = $5.700; Total assets = $324,200 Lily Zhang started a new business on January 1, 2020, called Zhang Consulting. She develops financial invest- ment plans for young adults. During the business's first year of operations, the following activities occurred: a. Zhang invested $120,000 cash and office equipment valued at $10,000 in the business. b. Purchased a small building for $240,000 to be used as an office. Paid $50,000 in cash and signed a note payable promising to pay the balance over several years. c. Purchased $18,000 of office equipment for cash. d. Purchased $4,000 of office supplies and $6,400 of office equipment on credit. e. Paid a local online newspaper $4,500 for an announcement that the office had opened. f. Completed a financial plan on credit and billed the client $6,000 for the service. g. Designed a financial plan for another client and collected an $8,000 cash fee. h. Zhang withdrew $5,500 cash from the company bank account to pay personal expenses. i. Zhang signed a $20,000 contract for the office to be painted in February 2021. A deposit of $6,000 will be paid on January 15, 2021. j. Received $4,000 from the client described in (f). k. Paid for the equipment purchased in (d). 1. Paid $3,800 cash for the administrative assistant's wages. Required 1 Create a tahle like the one presented in Exhibit 1.15. using the following headii Your browser does not support Aloud Zoom Cotions D. Calculate the amount or names oweu by company z on December 31, 2019, 1 Problem 1-8B Analyzing transactions and preparing financial statements LO6, 7, 8 excel CHECK FIGURES: 2. Cash balance, December 31, 2020 = $43,800; 3. Profit = $5.700; Total assets = $324,200 Lily Zhang started a new business on January 1, 2020, called Zhang Consulting. She develops financial invest- ment plans for young adults. During the business's first year of operations, the following activities occurred: a. Zhang invested $120,000 cash and office equipment valued at $10,000 in the business. b. Purchased a small building for $240,000 to be used as an office. Paid $50,000 in cash and signed a note payable promising to pay the balance over several years. c. Purchased $18,000 of office equipment for cash. d. Purchased $4,000 of office supplies and $6,400 of office equipment on credit. e. Paid a local online newspaper $4,500 for an announcement that the office had opened. f. Completed a financial plan on credit and billed the client $6,000 for the service. g. Designed a financial plan for another client and collected an $8,000 cash fee. h. Zhang withdrew $5,500 cash from the company bank account to pay personal expenses. i. Zhang signed a $20,000 contract for the office to be painted in February 2021. A deposit of $6,000 will be paid on January 15, 2021. j. Received $4,000 from the client described in (f). k. Paid for the equipment purchased in (d). 1. Paid $3,800 cash for the administrative assistant's wages. Required 1 Create a tahle like the one presented in Exhibit 1.15. using the following headii Your browser does not support Aloud Zoom Cotions
