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please help with the numbers provided. there is two questions. thank you!! Lita Lopez started Biz Consulting, a new business, and completed the following transactions
please help with the numbers provided. there is two questions. thank you!!
Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $61,000 cash and equipment valued at $32,000 in the company. b. The company purchased a building for $42,000 cash. c. The company purchased equipment for $5,800cash. d. The company purchased $3,200 of supplies and $1,300 of equipment on credit. e. The company paid $970 cash 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 $8,200 cash fee. h. L. Lopez withdrew $1,500cash from the company for personal use. 1. The company received $3.900 cash as partial payment from the client described in transaction f 1. The company made a partial payment of $650 cash on the equipment purchased in transaction d. k. The company paid $2,100 cash for the secretary's wages for this period. Required: 1. Enter the amount of each transaction on individual items of the accounting equation. 2. Determine the company's net income. Complete this question by entering your answers in the tabs below. 11 Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $61,000 cash and equipment valued at $32,000 in the company. b. The company purchased a building for $42,000 cash. c. The company purchased equipment for $5,800 cash. d. The company purchased $3,200 of supplies and $1,300 of equipment on credit. e. The company paid $970 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,900 for the service. g. The company designed a financial plan for another client and immediately collected a $8,200 cash fee. h. L. Lopez withdrew $1,500 cash from the company for personal use. 1. The company recelved $3,900 cash as partial payment from the client described in transaction f. 1. The company made a partial payment of $650 cash on the equipment purchased in transaction d. k. The company paid $2,100 cash for the secretary's wages for this period. Required: 1. Enter the amount of each transaction on individual items of the accounting equation. 2. Determine the company's net income. Complete this question by entering your answers in the tabs below. Determine the company's net income Step by Step Solution
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