Kellogg started a business with the following transactions: Invested $35,000 into the business. Purchased supplies worth $4,200 on account. Sold goods for $18,500; these goods cost $11,200. Paid salaries of $2,300. What is Kellogg's net income after these transactions? (A) $3,000 (B) $4,500 (C) $5,000 (D) $2,500
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- Mark Waugh starts business. Before any sales, he has purchased fixtures $12,000, motor vehicle $30,000 and stock of goods $21,000. Although he has paid in full for the fixtures and motor vehicle, he still owes $8,400 for some of the stock. His brother Steve has lent him $18,000. Mark, after the above, has $16,800 in the business bank account and $600 cash in hand. Calculate Mark’s capital?In order to prepare the statement of Financial position, you identified the following assets and liabilities of Ms. Santos after she made an investment of 159,000. A. Her store has cash deposited in a bank account amounting to 25,000.B. Her store has a lot of uncollected sales from customers amounting to 75,000.C. The total amount of merchandise left inside the store is 30,000.D. He already paid one year's rent in advance amounting to 12,000.E. The value of all the company's furniture amounted to 100,000F. He bought merchandise from his supplier amounting to 25,000 and the supplier agreed that payment can be made 2 months after year end.G. SSS, PHILHEALTH and PAG-IBIG payables for his one employee totaled 5,000.H. The sari-sari store had outstanding Liabilities to utility companies amounting to 3,000.I. She had a loan from the bank amounting to 50,000 to be paid in 3 years. Please make the statement of Financial position.Vishanu
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