Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help answering 1-5. ULO U INISI The following is a random list showing the account balances of various assets, abilities, revenue and expenses for

need help answering 1-5. image text in transcribed
image text in transcribed
ULO U INISI The following is a random list showing the account balances of various assets, abilities, revenue and expenses for Tanya's Tanning at December 31 2019 the end of its first year of operations Accounts receivable Accounts payable Salary expense Repairs expense Truck Equipment Unearned revenue Cash Supplies expense Service revenue Gasoline expense Salary payable $7.100 2.500 4.400 700 8.300 6.700 3.000 8,800 1.600 15,800 1,800 2,100 Tanya contributed cash to the business of $14,000 and she withdrew $4,300 during the year. 1) The net income for the year was: a) b) c) d) e) $12,800 $18,800 $5,500 $7,300 $8,500 2) Total assets at December 31, 2019, were: a) b) c) d) e) $21,300 $24,300 $30,900 $28,400 $22,200 3) The Statement of Owner's Equity would show an ending balance of: a) b) c) d) e) $21,800 $18,800 $17,000 $8,500 $26,500 4) Total liabilities at December 31, 2019, were: a) b) c) d) e) $6,600 $5,500 $13,300 $7,600 $13,800 5) Total expenses for the year were: a) b) $6.200 $5,500 $8,500 $9,800 $7,300 e)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions