On March 1, the Amount of Richard Cook's Capital in Richard's

question 234

Essay

On March 1, the amount of Richard Cook's capital in Richard's Catering Company was $150,000. During March, he withdrew $31,000 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows:​ $$\begin{array} { l r } \text { Accounts payable } & \$ 10,250 \\\text { Accounts receivable } & 45,950 \\\text { Cash } & 23,840 \\\text { Fees earned } & 64,950 \\\text { Insurance expense } & 1,275 \\\text { Land } & 85,400 \\\text { Miscellaneous expense } & 1,210 \\\text { Prepaid insurance } & 3,000 \\\text { Rent expense } & 9,000 \\\text { Salary expense } & 20,300 \\\text { Supplies } & 900 \\\text { Supplies expense } & 525 \\\text { Utilities expense } & 2,800\end{array}$$ Present, in good form,
(a) an income statement for March,
(b) a statement of owner's equity for March, and
(c) a balance sheet as of March 31.

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Definitions:

Neuroticism

A personality trait characterized by sadness, moodiness, and emotional instability.

Divorce

The legal dissolution of a marriage by a court or other competent body.

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A characteristic of personality that is marked by being well-organized, reliable, and having a profound sense of responsibility.

Extraversion

A characteristic of a person that involves being extroverted, energetic, and friendly.