Maurice Tutor

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

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 7.00

Lance Company

Presented below is selected information related to Lance Company at December 31, 2012. Lance reports financial information monthly.

Accounts Payable

$ 3,000

Cash

4,500

Advertising Expense

6,000

Service Revenue

51,500

Equipment

29,000

Salaries and Wages Expense

$16,500

Notes Payable

25,000

Rent Expense

10,500

Accounts Receivable

13,500

Owner’s Drawings

7,500

(a) Determine the total assets of Lance Company at December 31, 2012.

(b) Determine the net income that Lance Company reported for December 2012.

(c) Determine the owner’s equity of Lance Company at December 31, 2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 10:09 PM My Price 7.00

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