Renee started a manufacturing organization with the help of an investor who gave her $15,000. She used
Question:
Renee started a manufacturing organization with the help of an investor who gave her $15,000. She used the investor's money to acquire an office space worth $10,000 and two computers worth $3,000. She purchased office supplies worth $900 on credit from Rex Inc. A week later, she made a payment of $500 to Rex Inc. A month later, the manufacturing unit received a total of $20,000 cash revenue in return for goods manufactured. The cash was deposited into the company's business account. The accounting firm also earned a total of $7,000 in credit revenue. Renee uses the company's business account to pay her assistant a monthly wage of $750.
Calculate the total assets of the manufacturing firm at the end of the accounting period.
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young