Reference no: EM132408456

Question 1 : Determine the expenses for the current period based on the following data:

Net income for the current period$55,000

Ending owner's equity85,000

Beginning owner's equity49,000

Owner withdrawals19,000

Revenue for the current period96,000

Question 2 : Following is a random list showing the account balances of various assets, liabilities, revenues, and expenses for Spiffy's Garage at December 31, 2014, the end of its first year of operations.

Accounts receivable $15,000

Accounts payable 3,500

Salary expense 4,500

Repairs expense 800

Truck 8,500

Equipment 6,300

Notes payable 8,200

Cash 6,800

Supplies expense 1,600

Service revenue 12,800

Gasoline expense 800

Salary payable 2,200

Question 3 : The owner, Spiffy Sloan, invested $22,600 at the beginning of the year and withdrew $5,000 during the year for personal use. What was the net income or loss for the year?

Q. Following is a random list showing the account balances of various assets, liabilities, revenues, and expenses for Spiffy's Garage at December 31, 2014, the end of its first year of operations.

Accounts receivable $15,000

Accounts payable 3,500

Salary expense 4,500

Repairs expense 800

Truck 8,500

Equipment 6,300

Notes payable 8,200

Cash 6,800

Supplies expense 1,600

Service revenue 12,800

Gasoline expense 800

Salary payable 2,200

Question 4 : The owner, Spiffy Sloan, invested $22,600 at the beginning of the year and withdrew $5,000 during the year for personal use. What were the total assets at December 31, 2014?

Question 5 : ABC Delivery Service had the following transactions in June: earned $4,000 cash for services rendered; collected $2,500 from a customer "on account" for work completed the previous month; paid out $200 cash for plumbing services; received $3,500 of supplies and promised to pay one month later; paid out $1,000 in cash withdrawals to the owner.

For ABC Delivery Service, what is the combined effect on cash from the June transactions?