Unformatted text preview: increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $16,000 during the year. What are the beginning and ending amounts of equity? Equity at the beginning of the year $ 73,000 Equity at the end of the year $ 149,000 On October 1, Keisha King organized Real Answers, a new consulting firm. On October 31, the company's records show the following items and amounts. Use this information to prepare an October income statement for the business. (Input all amounts as positive values. Omit the "$" sign in your response.) Cash $ 11,500 Cash withdrawals by owner $ 2,000 Accounts receivable 12,000 Consulting fees earned 14,000 Office supplies 24,437 Rent expense 2,520 Land 46,000 Salaries expense 5,600 Office equipment 18,000 Telephone expense 760 Accounts payable 25,037 Miscellaneous expenses 580 Owner investments 84,360...
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This note was uploaded on 08/09/2010 for the course ACCT 1 taught by Professor Ludwig during the Spring '10 term at Los Angeles City College.
- Spring '10