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Taylor started Vanguard Consulting with the following transactions: • Invested $40,000 into the business. • • Purchased office equipment worth $12,000 on account. Provided services for $18,000; these services cost $10,500 to deliver. Paid rent of $3,000. What is Vanguard Consulting's net income after these transactions?

Taylor started Vanguard Consulting with the following transactions: • Invested $40,000 into the business. • • Purchased office equipment worth $12,000 on account. Provided services for $18,000; these services cost $10,500 to deliver. Paid rent of $3,000. What is Vanguard Consulting's net income after these transactions?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Taylor started Vanguard Consulting with the following transactions: • Invested $40,000 into the business. • • Purchased office equipment worth $12,000 on account. Provided services for $18,000; these services cost $10,500 to deliver. Paid rent of $3,000. What is Vanguard Consulting's net income after these transactions?
Transcribed Image Text:Taylor started Vanguard Consulting with the following transactions: • Invested $40,000 into the business. • • Purchased office equipment worth $12,000 on account. Provided services for $18,000; these services cost $10,500 to deliver. Paid rent of $3,000. What is Vanguard Consulting's net income after these transactions?
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