The following account balances are for Lisa Assaad, Certified Public Accountant, as of April $30,20$X$1.$

Cash $ $120,000$

Accounts receivable $48,000$

Maintenance expense $22,400$

Advertising expense $17,560$

Fees earned $131,200$

Lisa Assaad, Capital, April $1?$

Salaries expense $62,000$

Machinery $94,000$

Accounts payable $52,800$

Lisa Assaad, Withdrawals for April $33,200$

Required:

Determine the balance for Lisa Assaad, Capital, April $1,20$X$1.$ Prepare an income statement and a statement of owner$$s equity for the month ended April $30,20$X$1,$ and a balance sheet for April $30,20$X$1.$

Analyze:

What net change in owner$$s equity occurred during the month of April?

Answer rating: 100% (QA)

Answer To determine the balance for Lisa Assaad Capital on April 1 2X1 ... View the full answer