Question
Nancy Jeffries started her business baking dog treats by investing cash of $970 and during May, its first month of operations, Nancy's Barkery had revenues
Nancy Jeffries started her business baking dog treats by investing cash of $970 and during May, its first month of operations, Nancy's Barkery had revenues of $3030 all of which was collected in cash. She paid her assistant $960 in cash and purchased $200 of supplies on account. The business paid cash dividends of $440. Use the following tabular analysis to determine the total assets and total liabilities and stockholders equity at the end of the month.
Assets | = | Liabilities | + | Stockholders' Equity | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Retained Earnings | |||||||||||||||
Cash | + | Supplies | = | Accounts Payable | + | Common Stock | + | Revenue | - | Expenses | - | Dividends | |||
Beg. Bal. | 970 | 970 |
$2600
$2800
$640
$1630
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