The following transactions apply to Molly’s Maid Service during April 2012: a. Molly started the business by depositing $5,000 in a business checking account on April 1 in exchange for common stock.b. The company provided services to clients and received $4,215 in cash.c. The company borrowed $1,200 from the bank for the business by signing a note.d. The company paid $1,125 of operating expenses.e. The company purchased a new computer for $3,000 cash to use to keep track of its customers, starting next month.f. The company declared and distributed $1,050 to the owner as dividends.Requirements1. Enter the transactions into the accounting equation.2. What are the total assets of the company at April 30, 2012?3. Prepare a statement of cash flows for the month ended April 30, 2012.4. What was net income for the month ended April 30, 2012?View Solution:
The following transactions apply to Molly s Maid Service during April



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *