Maurice Tutor

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About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 408 Weeks Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

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

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 20 Nov 2017 My Price 4.00

Sole Proprietorships

Problem 11-10 Sole Proprietorships (Appendix)

On May 1, Chong Yu deposited $120,000 of his own savings in a separate bank account to start a printing business. He purchased copy machines for $42,000. Expenses for the year, including depreciation on the copy machines, were $84,000. Sales for the year, all in cash, were $108,000. Chong withdrew $12,000 during the year.

Required

1.        What is the balance in Chong’s capital account at the end of the year?

2.        Explain why the balance in Chong’s capital account is different from the amount of cash on hand.

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Nov 2017 10:11 PM My Price 4.00

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