Question

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Answer 1

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Part 1
Fees Earned			$     769,300
Less: Expense
Miscellaneous Expense		$        6,140
Rent Expense		$   102,320
Supplies Expense		$      16,370
Taxes Expense		$      10,000
Utilities Expense		$      61,390
Wages Expense		$   292,130
Total Expense			$   (488,350)
Net Income			$     280,950
Part 2
Owner's Equity, Beginning			$       58,470
Net Income		$   280,950
Dividends		$   (31,600)
Change in Owner's Equity			$     249,350
Owner's Equity, Ending			$     307,820
Part 3
Assets:
Cash			$     212,750
Accounts Receivable			$     105,400
Supplies			$          9,160
Total Assets			$     327,310
Liabilities:
Accounts Payable			$       19,490
Stockholder's Equity:
Owner's Equity			$     307,820
Total Liabilities and Owner's Equity			$     327,310
Part 4
Net Income			$     280,950