Determine the companys net income

SOLUTION AT Australian Expert Writers


Question :
Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations.
a. Lita Lopez invested $63,000 cash and office equipment valued at $37,000 in the company in exchange for its common stock.
b. The company purchased an office suite for $48,000 cash.
c. The company purchased office equipment for $5,200 cash.
d. The company purchased $3,800 of office supplies and $1,500 of office equipment on credit.
e. The company paid a local newspaper $830 cash for printing an announcement of the office’s opening.
f. The company completed a financial plan for a client and billed that client $4,700 for the service.
g. The company designed a financial plan for another client and immediately collected a $8,200 cash fee.
h. The company paid $1,300 cash in dividends to the owner (sole shareholder).
i. The company received $3,700 cash as partial payment from the client described in transaction f
j. The company made a partial payment of $750 cash on the equipment purchased in transaction d.
k. The company paid $2,000 cash for the office secretary’s wages for this period.
Required:
1. Enter the amount of each transaction on individual items of the accounting equation. (Enter decreases to account balance with a minus sign.)
2. Determine the company’s net income.

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