Question
Mike Albright started Albright Property Management Company on August 1, 2021. The following transactions were completed during August: a. Opened a business bank account with
Mike Albright started Albright Property Management Company on August 1, 2021. The following transactions were completed during August:
a. Opened a business bank account with a deposit of $36,000 in exchange for common stock. b. Purchased office supplies on account, $800. c. Purchased office equipment for $3,500 by paying $2,500 cash and agreeing to pay the remainder in 60-days (on account). d. Paid creditors on account, $1,300. e. Billed customers for fees earned for managing rental property, $8,550. f. Paid office salaries, $1,680. g. Paid office rent for the month, $1,600. h. A count indicates that of $800 of supplies purchased, only $350 is still on hand (available); therefore, the cost of supplies used was $450. i. Paid dividends, $1,590.
Answer the following questions based on the information above. Place responses in the light blue cells to the right of the questions. | ||||||||||||
1 | What is the total dollar amount of assets? | |||||||||||
2 | What is the total amount of liabilities? | |||||||||||
3 | What is the total amount of stockholders' equity? | |||||||||||
(Hint: Common Stock -Dividends+Fees Earned -Rent Exp-Salaries Exp. - Supplies Exp. = Total Stockholders' Equity) | ||||||||||||
4 | Does your total assets equal your total liabilities plus your total stockholders' equity? |
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