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Using the following transactions, calculate (a) net income for-(Answered)

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Using the following transactions, calculate (a) net income for the period, as well as the ending balances of (b) total assets, (c) total liabilities, and (d) Cash.

a. Opened business by issuing common stock for $36,000.

b. Paid one year's insurance in advance, $2,400.

c. Billed customers for services rendered, $6,000.

d. Received utility bill, to be paid next month, $400.

e. Received $800 in advance of performing a service.

f. Received $4,400 from customers billed in c.

g. Paid $300 on the utility bill of d.

h. Dividends of $2,000 were declared and paid.

 

Paper#9210713 | Written in 27-Jul-2016

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