Lita Lopez started Biz Consulting, a new business, and completed the following transactions during Its first year of operations. a. Lita Lopez Invested $69,000 cash and equlpment valued at $32,000 in the company In exchange for Its common stock. b. The company purchased a bullding for $46,000 cash. c. The company purchased equlpment for $5,300 cash. d. The company purchased $3,500 of supplies and $1,700 of equlpment on credit. e. The company pald $870 cash for advertising expenses. f. The company completed a financlal plan for a clent and billed that client $4900 for the service. g. The company designed a financial plan for another cllent and Immedlately collected a $8,000 cash fee. h. The company pald $1,700 cash In dividends to the owner (sole shareholder). I. The company recelved $3,900 cash as partlal payment from the cllent described In transaction f. J. The company made a partlal payment of $850 cash on the equlpment purchased In transaction d. k. The company pald $1,500 cash for the secretary's wages for this perlod. Required: 1. Enter the amount of each transaction on Individual Items of the accounting equation. 2. Determine the company's net Income.
Lita Lopez started Biz Consulting, a new business, and completed the following transactions during Its first year of operations. a. Lita Lopez Invested $69,000 cash and equlpment valued at $32,000 in the company In exchange for Its common stock. b. The company purchased a bullding for $46,000 cash. c. The company purchased equlpment for $5,300 cash. d. The company purchased $3,500 of supplies and $1,700 of equlpment on credit. e. The company pald $870 cash for advertising expenses. f. The company completed a financlal plan for a clent and billed that client $4900 for the service. g. The company designed a financial plan for another cllent and Immedlately collected a $8,000 cash fee. h. The company pald $1,700 cash In dividends to the owner (sole shareholder). I. The company recelved $3,900 cash as partlal payment from the cllent described In transaction f. J. The company made a partlal payment of $850 cash on the equlpment purchased In transaction d. k. The company pald $1,500 cash for the secretary's wages for this perlod. Required: 1. Enter the amount of each transaction on Individual Items of the accounting equation. 2. Determine the company's net Income.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Lita Lopez started Biz Consulting, a new business, and completed the followIng transactions during Its first year of operations.
a. Lita Lopez Invested $69,000 cash and equlpment valued at $32,000 in the company In exchange for Its common stock.
b. The company purchased a bullding for $46,000 cash.
c. The company purchased equIpment for $5,300 cash.
d. The company purchased $3,500 of supplles and $1,700 of equlpment on credit.
e. The company pald $870 cash for advertising expenses.
f. The company completed a financlal plan for a client and billed that clilent $4,900 for the service.
9. The company designed a financlal plan for another client and Immedlately collected a $8,000 cash fee.
h. The company pald $1,700 cash In dividends to the owner (sole shareholder).
I. The company recelved $3,900 cash as partlal payment from the client described In transactlon f.
J. The company made a partlal payment of $850 cash on the equlpment purchased In transaction d.
k. The company pald $1,500 cash for the secretary's wages for this perlod.
Required:
1. Enter the amount of each transaction on Individual Items of the accounting equation.
2. Determine the company's net Income.
Complete this question by entering your answers in the tabs below.
Transcribed Image Text:Saved
Examination
Assets
Liabilities
Equity
Common
Stock
Accounts
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