Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. common stock a. Lita Lopez invested $67000 cash and equipment valued at $37,000 in the company in exchange for its b. The company purchased a building for $44,000 cash. c. The company purchased equipment for $5,400 cash. d. The company purchased $3,100 of supplies and $1100 of equipment on credit. e. The company pold $960 cosh for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,900 for the service. 9. The company designed a financial plan for another client and immediately collected a $8,400 cash fee. h. The company pald $1,600 cash in dividends to the owner (sole shareholder). I. The company received $3,900 cash as partial payment from the client described in transaction J. The company made a partial payment of $550 cash on the equipment purchased in transaction d. k. The company paid $1,800 cash for the secretary's wages for this period. Required 1 Required 2 minus sign Enter the amount of each transaction on Individual items of the accounting equation (Reductions in account balances should be indicated with Liabilition Equity Askot Account Recevable Cash Equipment Supplies Dividends Building Accounts Payable Common Stock + + + + Balance after and b + 1 ---- + 4 . . Balance after o d Balance after d +++++ + + + + + . + . + . Balance after + + . + . + + + + + w . . Balance after 19 Balance after 9 -4 th Balance after + + + + + Balance after i + + + + Balance after K Balance afterk + Required 2 > munt balances should be indicated with a minus sign.) Llabilities Equity Accounts Payable Common Stock Dividonds + Revonues Expenses + + 11 + + + + II + + + + + + + + + + + + + III111111 + + + + + IIIIIIIIIIII + + + + + + + + + + + + + + first > Required 2 e. The company paid $960 cash for advertising expenses. f. The company completed a financial plan for a client and billed g. The company designed a financial plan for another client and h. The company paid $1,600 cash in dividends to the owner (sole 1. The company received $3,900 cash as partial payment from t J. The company made a partial payment of $550 cash on the eq k. The company paid $1,800 cash for the secretary's wages for t Required: 1. Enter the amount of each transaction on individual items of the 2. Determine the company's net income. Complete this question by entering your answers in the tab Required 1 Required 2 Determine the company's net income. Net income Required 1
