Presented Below Is a Balance Sheet for Mark Bledsoe Yard

question 34

Essay

Presented below is a balance sheet for Mark Bledsoe Yard Service at December 31, 2016.
$\begin{array}{c}\text { MARK BLEDSOE YARD SERVICE}\\\text { Balance Sheet}\\\text { December 31, 2016}\\\\\begin{array}{lclr}\text { Assets }&&\text { Liabilities and Owner's Equity }\\ \text { Cash } & \$ 13,000 & \text { Liabilities } & \\ \text { Accounts receivable } & 6,000 & \text { Accounts payable } & \$ 8,000 \\ \text { Supplies } & 9,000 & \text { Notes payable } & 15,000 \\\text { Equipment } & 11,000 & \text { Owner's equity } \\ &\underline{\quad\quad}&\text { Owner's capital }&\underline{16,000}\\ \text { Total assets } &\underline{\$ 39.000}& \text { Total liabilities \& owner's equity } &\underline{\$39,000} \\\end{array}\end{array}$
The following additional data are available for the year which began on January 1: All expenses (excluding supplies expense) total $6,000. Supplies on January 1, were $11,000 and $7,000 of supplies were purchased during the year. Net income for the year was $8,000 and drawings were $9,000.
Determine the following: (Show all computations.)
1. Supplies used during the year.
2. Total expenses for the year.
3. Service revenues for the year.
4. Owner’s capital balance on January 1.

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