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The following financial statement information is from five separate companies. What is the amount of equity at the end of the year for Company A?
The following financial statement information is from five separate companies. What is the amount of equity at the end of the year for Company A? 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 $39,000 in the company in exchange for its common stock. b. The company purchased a building for $45,000 cash. c. The company purchased equipment for $5,700 cash. d. The company purchased $3,900 of supplies and $1,400 of equipment on credit. e. The company paid $800 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,100 for the service. g. The company designed a financial plan for another client and immediately collected a $8,900 cash fee. h. The company paid $1,300 cash in dividends to the owner (sole shareholder). i. The company received $3,100 cash as partial payment from the client described in transaction f. j. The company made a partial payment of $700 cash on the equipment purchased in transaction d. k. The company paid $2,000 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. Determine the company's net income
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