Reference no: EM13914837
The following events apply to Goodman Company for 2013, its first year of operation:
1. Received cash of $24,000 from the issue of common stock.
2. Performed $42,500 of services on account.
3. Incurred $4,000 of other operating expenses on account.
4. Paid $17,000 cash for salaries expense.
5. Collected $32,500 of accounts receivable.
6. Paid a $2,500 dividend to the stockholders.
7. Performed $4,600 of services for cash.
8. Paid $2,200 of the accounts payable.
Required:
a. Record the preceding transactions in general journal form.
b. Post the entries to T-accounts and determine the ending balance in each account.
c. Determine the amount of total assets at the end of 2013.
d. Determine the amount of net income for 2013.
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