Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $66,000 cash and equipment valued at $39,000 in the company. b. The company purchased a building for $48,000 cash. c. The company purchased equipment for $5,600 cash. d. The company purchased $3,200 of supplies and $1,400 of equipment on credit. e. The company paid $890 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,100 for the service. g. The company designed a financial plan for another client and immediately collected a $8,200 cash fee. h. L. Lopez withdrew $1,000 cash from the company for personal use. 1. The company received $3,100 cash as partial payment from the client described in transaction f. J. The company made a partial payment of $700 cash on the equipment purchased in transaction d. k. The company paid $2,200 cash for the secretary's wages for this period. 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. Required 1 Required 2 Determine the company's net income. 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 $66,000 cash and equipment valued at $39,000 in the company. b. The company purchased a building for $48,000 cash. c. The company purchased equipment for $5,600 cash. d. The company purchased $3,200 of supplies and $1,400 of equipment on credit. e. The company paid $890 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,100 for the service. g. The company designed a financial plan for another client and immediately collected a $8,200 cash fee. h. L. Lopez withdrew $1,000 cash from the company for personal use. 1. The company received $3,100 cash as partial payment from the client described in transaction f. J. The company made a partial payment of $700 cash on the equipment purchased in transaction d. k. The company paid $2,200 cash for the secretary's wages for this period. 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. Required 1 Required 2 Determine the company's net income. Net income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations.
a. Lita Lopez invested $66,000 cash and equipment valued at $39,000 in the company.
b. The company purchased a building for $48,000 cash.
c. The company purchased equipment for $5,600 cash.
d. The company purchased $3,200 of supplies and $1,400 of equipment on credit.
e. The company paid $890 cash for advertising expenses.
f. The company completed a financial plan for a client and billed that client $4,100 for the service.
g. The company designed a financial plan for another client and immediately collected a $8,200 cash fee.
h. L. Lopez withdrew $1,000 cash from the company for personal use.
1. The company received $3,100 cash as partial payment from the client described in transaction f.
J. The company made a partial payment of $700 cash on the equipment purchased in transaction d.
k. The company paid $2,200 cash for the secretary's wages for this period.
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.
Required 1
Required 2
Net income
HE
Determine the company's net income.
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