What is the amount of the net income for january

Assignment Help Financial Accounting

Reference no: EM13899927

Neal Hastings established Ember Services, P.C., a professional corporation, on January 1 of the current year. Ember Services offers financial planning advice to its clients. The effect of each transaction on the balance sheet and the balances after each transaction for January are as follows. Each increase or decrease in stockholders' equity, except transaction (h), affects net income.

Assets Liabilities + Stockholders' Equity

a. b.	Cash +20,000	+	Accounts Receivable	+	Supplies +900	Accounts Payable +900	+	Capital Stock +20,000	+	Retained Earnings
Bal.	20,000				900	900		20,000
c.	-775					-775
Bal. d.	19,225 +11,500				900	125		20,000		+11,500
Bal.	30,725				900	125		20,000		11,500
e.	-7,500									-7,500
Bal.	23,225				900	125		20,000		4,000
f.					-625					-625
Bal. g.	23,225		+3,000		275	125		20,000		3,375 +3,000
Bal.	23,225		3,000		275	125		20,000		6,375
h.	-1,000									-1,000
Bal.	22,225		3,000		275	125		20,000		5,375

a. Describe each transaction.

b. What is the amount of the net income for January?

Reference no: EM13899927

Questions Cloud

What adjustment for unearned revenue did microsoft make : What adjustment for unearned revenue did Microsoft make at June 30, 2004? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.

Research - the bereaved child''s experience of grief : Death&dying - Philosophy . I want 2 researches : 8 pages each , three resoures each, Fisrt research : The Bereaved Child's Experience of Grief

Identify the debits and credits in the analysis of changes : Identify the debits and credits in the Analysis of Changes columns with letters that correspond to the following list of transactions and events.

Differences between a lowcost and differentiation strategy : Over time, will the adoption of Six Sigma quality improvement processes give a company a competitive advantage, or will it be required only to achieve parity with competitors?

What is the amount of the net income for january : Neal Hastings established Ember Services, P.C., a professional corporation, on January 1 of the current year. Describe each transaction. What is the amount of the net income for January?

Write paper on homicide : Write 8 page paper on Homicide and 12 page paper on Napoleon battles

How will you help carrie understand the cultural values : During her visit, Carrie is noticeably uncomfortable with the vastly different dynamics of Kesha's family. Carrie is rethinking her friendship with Kesha and wants to withdraw from her. How will you help Carrie understand the cultural values inher..

Record preceding transactions using financial statement : Record the preceding transactions using the integrated financial statement framework. After each transaction, you should enter a balance for each item.

How might the nature of competition vary from group to group : Do you think there are any strategic groups in the U.S. airline industry? If so, what might they be? How might the nature of competition vary from group to group?

User Account

All Pages