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Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. Lita Lopez invested $ 7 0
Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations.
Lita Lopez invested $ cash and equipment valued at $ in the company in exchange for its common stock.
The company purchased a building for $ cash.
The company purchased equipment for $ cash.
The company purchased $ of supplies and $ of equipment on credit.
The company paid $ cash for advertising expenses.
The company completed a financial plan for a client and billed that client $ for the service.
The company designed a financial plan for another client and immediately collected a $ cash fee.
The company paid $ cash in dividends to the owner sole shareholder
The company received $ cash as partial payment from the client described in transaction f
The company made a partial payment of $ cash on the equipment purchased in transaction d
The company paid $ cash for the secretarys wages for this period.
Required:
Enter the amount of each transaction on individual items of the accounting equation.
Determine the company's net income.
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