Answer these questions under below instructions: 1) The owner invested $25,000 cash in the business in exchange
Question:
Answer these questions under below instructions:
1) The owner invested $25,000 cash in the business in exchange for an ownership interest.
2) Purchased supplies costing $2,000 on account.
3)Paid wages to employees in 2,500 cash.
4) Paid $400 cash for advertisements run this past week.
5) Received cash of 7,000 from customers for services rendered.
6) Equipment was purchased at a cost of 5,000: 1,000 cash was paid down and the remainder was financed with a 3-month 12% rate.
7) Performed 4,000 of services for a customer, received 400 in cash, the remainder was on account.
8) Recieved 2,000 in cash for services to be performed next year.
9) Paid dividends of $1,000 in cash.
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill