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Problems: 1. Assume the November transactions for Camindo Co. are as follows: a. Received cash of $60,000 from investors in exchange for common stock.
Problems: 1. Assume the November transactions for Camindo Co. are as follows: a. Received cash of $60,000 from investors in exchange for common stock. b. Provided services of $16,300 on account. c. Purchased supplies on account $750. d. Received cash of $11,800 from clients for services previously billed. Received $6,250 for services provided from clients who paid cash. e. f. Paid $600 on account for supplies that had been purchased. g. h. i. Paid $3,380 for a one-year insurance policy. Paid the following expenses: wages, $7,800; utilities, $1,000; rent, $3,750. Paid dividends of $2,300 to stockholders. Record the transactions, using the integrated financial statement framework that follows: Assets = Liabilities + Stockholders' Equity Accounts Accounts Prepaid Common Retained Cash Receivable Supplies Insurance Payable Stock Earnings a. $60,000 $60,000 b. $16.300 16,300 C. 750 $750 d. 11.800 1$ (11,800) e. 86,250) (6,250) (6,250) f. $600) $ (600) 9. (3.380) $3,380 h. (12,550) 1. $2,300) Bal. 6 11.840 36,940 4,500 150 2.870/750 550 12,300) 60,000 20,300 Calculate the November 30 cash balance and the amount of net income for November for Camindo Co.
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