The following events concern Anita Wilson, a Manitoba law school graduate, for March 2021: 1. On March 4, she spent $20 on a lottery ticket. 2. On March 7, she won $ 260,000 in the lottery and immediately quit her job as a junior lawyer. 3. On March 10, she decided to open her own law practice, and deposited $ 65,000 of her winnings in a business chequing account, Wilson Legal Services. 4. On March 14, she purchased a new luxury condominium with a down payment of $150,000 from her personal funds plus a home mortgage of $ 250,000. 5. On March 15, Anita signed a rental agreement for her law office space for $2,500 a month, starting March 15. She paid the first month’s rent, as it is due on the 15th of each month. 6. On March 19, she hired a receptionist. He will be paid $ 750 a week and will begin working on March 24. 7. On March 20, she purchased equipment for her law practice from a company that had just declared bankruptcy. The equipment was worth at least $15,000 but Anita was able to buy it for only $ 8,800. 8. On March 21, she purchased $ 175 of supplies on account. 9. On March 24, she purchased an additional $ 5,600 of equipment for her law practice for $ 2,100 plus a $3,500 note payable due in six months. 10. On March 31, she performed $ 3,900 of legal services on account. 11. On March 31, she received $2,500 cash for legal services to be provided in April. 12. On March 31, she paid her receptionist $ 750 for the week. 13. On March 31, she paid $ 175 for the supplies purchased on account on March 21.
The following events concern Anita Wilson, a Manitoba law school graduate, for March 2021: 1. On March 4, she spent $20 on a lottery ticket. 2. On March 7, she won $ 260,000 in the lottery and immediately quit her job as a junior lawyer. 3. On March 10, she decided to open her own law practice, and deposited $ 65,000 of her winnings in a business chequing account, Wilson Legal Services. 4. On March 14, she purchased a new luxury condominium with a down payment of $150,000 from her personal funds plus a home mortgage of $ 250,000. 5. On March 15, Anita signed a rental agreement for her law office space for $2,500 a month, starting March 15. She paid the first month’s rent, as it is due on the 15th of each month. 6. On March 19, she hired a receptionist. He will be paid $ 750 a week and will begin working on March 24. 7. On March 20, she purchased equipment for her law practice from a company that had just declared bankruptcy. The equipment was worth at least $15,000 but Anita was able to buy it for only $ 8,800. 8. On March 21, she purchased $ 175 of supplies on account. 9. On March 24, she purchased an additional $ 5,600 of equipment for her law practice for $ 2,100 plus a $3,500 note payable due in six months. 10. On March 31, she performed $ 3,900 of legal services on account. 11. On March 31, she received $2,500 cash for legal services to be provided in April. 12. On March 31, she paid her receptionist $ 750 for the week. 13. On March 31, she paid $ 175 for the supplies purchased on account on March 21.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
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The following events concern Anita Wilson, a Manitoba law school graduate, for March 2021:
| 1. | On March 4, she spent $20 on a lottery ticket. | |
| 2. | On March 7, she won $ 260,000 in the lottery and immediately quit her job as a junior lawyer. | |
| 3. | On March 10, she decided to open her own law practice, and deposited $ 65,000 of her winnings in a business chequing account, Wilson Legal Services. | |
| 4. | On March 14, she purchased a new luxury condominium with a down payment of $150,000 from her personal funds plus a home mortgage of $ 250,000. | |
| 5. | On March 15, Anita signed a rental agreement for her law office space for $2,500 a month, starting March 15. She paid the first month’s rent, as it is due on the 15th of each month. | |
| 6. | On March 19, she hired a receptionist. He will be paid $ 750 a week and will begin working on March 24. | |
| 7. | On March 20, she purchased equipment for her law practice from a company that had just declared bankruptcy. The equipment was worth at least $15,000 but Anita was able to buy it for only $ 8,800. | |
| 8. | On March 21, she purchased $ 175 of supplies on account. | |
| 9. | On March 24, she purchased an additional $ 5,600 of equipment for her law practice for $ 2,100 plus a $3,500 note payable due in six months. | |
| 10. | On March 31, she performed $ 3,900 of legal services on account. | |
| 11. | On March 31, she received $2,500 cash for legal services to be provided in April. | |
| 12. | On March 31, she paid her receptionist $ 750 for the week. | |
| 13. |
On March 31, she paid $ 175 for the supplies purchased on account on March 21. |
Transcribed Image Text:WILSON LEGAL SERVICES
Balance Sheet
For the Year Ended March 31. 2021
Assets
2$
Liabilities and Owner's Equity
Transcribed Image Text:X Your answer is incorrect.
Calculate profit and owner's equity for the month ended March 31.
Profit
Owner's Equity $
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