Evaluate angela peters attorneys first month of operations

Reference no: EM13584170

Angela Peters practiced law with a partnership for 10 years. Recently she opened her own law office, which she operates as a proprietorship. The name of the new entity is Angela Peters, Attorney. Peters experienced the following events during the organizing phase of the new business and its first month of operation. Some of the events were personal and did not affect the law practice. Others were business transactions and should be accounted for by the business.

Mar 1 Sold personal investment in eBay stock, which she had owned for several years, receiving $31,000 cash.

2 Deposited the $31,000 cash from sales of the eBay stock in her personal bank account

3 Received $139,000 cash from former law partners

5 Deposited $89,000 cash in new business bank account titled Angela Peters, Attorney. The business gave capital to Peters.

7 Paid $400 cash for ink cartridges for the printers

9 Purchased computer for the law office, agreeing to pay the amount $9,300, within three months.

23 Finished court hearings on behalf of client and submitted a bill for legal services, $13,500, on account.

30 Paid utilities, $1,200

31 Peter withdrew cash of $2,000.

Analyze the effects of the preceding events on the accounting equation of the proprietorship of Angela Peters, Attorney.
At March 31, compute the business's

a. Total assets

b. Total liabilities

c. Total owner's equity

d. Net income or net loss for the month

3. Evaluate Angela Peters, Attorney's first month of operations. Were the results good or bad?

Reference no: EM13584170

Questions Cloud

Mikes employer reimburses him for the business-related : in the current year mikes agi is 50000. mike has no miscellaneous itemized deductions other than the employment-related

A of october 2009 the united states federal dept was : as of october 2009 the united states federal dept was 11963668027500. if each of the 307000000 people in the united

Management team met their bonus goals this month something : how would the following be journalized?management team met their bonus goals this month something they havent done

Are there any models out there that could be used that : another approach to the legislatures interest in creating alternative approaches to dealing with juvenile offenders

Evaluate angela peters attorneys first month of operations : angela peters practiced law with a partnership for 10 years. recently she opened her own law office which she operates

Using 250-500 words summarize your strategy for : using 250-500 words summarize your strategy for disseminating the results of the project to key stakeholders and to the

Is negative cash from operating activities a negative : is negative cash from operating activities a negative indicator from a company? why or why not? what about negagitve

Compare and contrast financial reporting requirements : compare and contrast financial reporting requirements between fasb and gasb. as part of your discussion include why you

This experiment is about preparation of aspirin and i would : this experiment is about preparation of aspirin and i would like from you to write a report.the report should be up to

User Account

All Pages