Answered step by step
Verified Expert Solution
Question
1 Approved Answer
solve this question quickly. i need help HASF started business on March 2020 with the investment of cash RS,50,000 and office equipment worth 50,000 and
solve this question quickly. i need help
HASF started business on March 2020 with the investment of cash RS,50,000 and office equipment worth 50,000 and the following transactions were completed during the month
1 | Purchase merchandise for cash | 25,000 |
2 | Purchase merchandise on account | 15,000 |
3 | Purhase office supplies for cash | 2,000 |
4 | Purhase furnitrue on account | 5,000 |
5 | sold merchandise for cash | 20,000 |
6 | paid to suppliers | 10,000 |
7 | sold merchandise on account | 5,000 |
8 | paid rent exp | 1,500 |
9 | sold merchandise for cash | 20,000 |
10 | salary exp | 5,000 |
Note: Do not put currency symbol in answer:
Required:
find out the following value
cost of sales
gross profit
total operating exp
net income
total current assets
total fixed assets
Total assets
total liabilities
total owner equity
total equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started