The owner of Brant Toilet Repair and More, C. Yathair, renovates/repairs bathrooms and other living spaces. He
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Question:
The owner of Brant Toilet Repair and More, C. Yathair, renovates/repairs bathrooms and other living spaces. He has just started his business and has these accounts in the ledger as of August 31, 2016:
Bank ($45,000)
A/R - O. Osbourne ($350)
A/R - B. Spears ($0)
Supplies ($550)
Tools ($3,500)
Truck ($8,000)
A/P - Home Depot ($100)
A/P - The Expositor ($0)
Bank Loan ($2,000)
C. Yathair, Capital (?)
a) You have not been given a value for C. Yathair, Capital. Calculate the value of the business at this point. Show your work below.
b) Record the following transactions in the ledger.
Sept.
1 Paid the monthly rent of $1,000 to JT Inc.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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