Question

Question Help Janice Fisk worked as an accountant at a local accounting firm for five years after graduating from college. She recently opened her own accounting practice, which she operates as a corporation. The name of the new entity is Fisk and Associates, Inc. Janice experienced the following events during the first month of operations. Some of the events were personal and did not affect the accounting practice. Others were business transactions and should be accounted for by the business. Click the icon to view the events.) Total assets b Total liabilities Total stockholders' equity d. Not income (loss) for April C. Enter any number in the edit fields and then continue to the next question, * Previous Next

Answer 1

a) Total Assets = $68,200

b) Total Liabilities = $2,400

c) Total Stockholders' Equity = $65,800

d) Net Income/loss for April = $1,300

Workings

We can prepare the table in the following manner to analyze the impact on each transaction on the accounting equation

A B C E F G 1 Date of Transaction ASSETS LIABILITIES EQUITY REVENUES EXPENSE NET INCOME 2 Apr 3 No impact 3 Apr 5 65000 65000 4 Apr 7 -450-450 5 Apr 9 4700 4700 6 Apr 10 No impact 7 Apr 14 No impact 8 Apr 20 3800 3800 3800 3800 9 Apr 27 -2500 -2500 2500 -2500 10 Apr 29 -2300 -2300 11 Apr 30 -500 -500 12 TOTAL =SUM(B2:B11) =SUM(C2:C11) =SUM(D2:011) -SUM(E2:E11) =SUM(F2:F11) =SUM(G2:611)

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