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Super Style Clothing begins operations in November. During the month the company receives $46,000 from a shareholder for common stock and gets a $6,000
Super Style Clothing begins operations in November. During the month the company receives $46,000 from a shareholder for common stock and gets a $6,000 loan from a bank. The company buys $38,000 of inventory for cash and sells half of the inventory for $30,000 on credit. The company had no other transactions in November. Fill in the missing amounts below. Sales Cost of sales Net income SUPER STYLE CLOTHING Income Statement For the Month of November SUPER STYLE CLOTHING Balance Sheet At the End of November Cash Accounts receivable Inventory Total assets Accounts payable Bank loan Total liabilities Contributed capital Retained earnings Total equity Total liabilities and equity
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