Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Sep 2017 My Price 9.00

Gate City Answering Service

Preparing financial statements and evaluating business performance

Presented here are the accounts of Gate City Answering Service for the year ended December 31, 2012.

 

Land

$ 8,000

Owner investment, 2012

$ 28,000

Note payable

32,000

Accounts payable

11,000

Property tax expense

2,600

Accounts receivable

1,000

Wayne, drawing

30,000

Advertising expense

15,000

Rent expense

13,000

Building

145,200

Salary expense

65,000

Cash

3,000

Salary payable

1,300

Equipment

16,000

Service revenue

192,000

Insurance expense

2,500

Supplies

10,000

Interest expense

7,000

Wayne, capital, 12/31/2011

54,000

    

 

Requirements

1. Prepare Gate City Answering Services income statement.

2. Prepare the statement of owner"s equity.

3. Prepare the balance sheet.

4. Answer these questions about the company:

a. Was the result of operations for the year a profit or a loss? How much?

b. How much in total economic resources does the company have as it moves into the new year ?

c. How much does the company owe to creditors?

d. What is the dollar amount of the owner"s equity in the business at the end of the year?

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 07:09 PM My Price 9.00

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