Reference no: EM133126084
Question - Winston opens an electronic company. During the first month of operation (March), the company, named, Winston's Tech. experienced the following events:
March 1: Winston invested $75,000 in the business, which in turn issued its common shares to him.
March 8: The business paid cash for land costing $20,000. Winston plans to build a professional services building on the land.
March 10: The business purchased supplies for $6,000 on account.
March 15: Winston's Tech. officially opened for business.
March 15-31: During the rest of the month, Winston provided services and earned revenue of $20,000 receiving cash for half the revenue earned.
March 15 - 31: Winston's Tech paid cash expenses: employee salaries, $2,400; offfice rent, $1,800; hydro $300, telephone $200, internet $80.
March 31: The company used supplies with a cost of $550.
March 31: The company borrowed $12,000, signing a note payable to the bank.
March 31: The company paid $1,000 on account to a supplier.
Required -
a) What are the total liabilities of the company?
b) How much is owed to the company from customers?
c) How much does the company owe in total?
d) How much of the company's assets does Winston have a claim to?
e) How much net income did the company earn?
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