Kennedy chang recently started a business during the first

Reference no: EM13605613

Kennedy Chang recently started a business. During the first few days of operation,Mr.Chang transferred 30,000 from his personal account into a business account for a company he named Chang Enterprises. Chang Enterprises borrowed 40,000 from First Bank.Mr. Chang's father in-law,Jim Harwood, invested 64,000into the business for which he receive at 25 percent ownership interest. Chang Enterprises purchased a building from Morton Realty Company. The building cost 120,000 cash. Chang Enterprises earned 28,000 in revenue from the company's customers and paid its employees 25,000 for salaries expense.

Reference no: EM13605613

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