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Jenna Fisk Started Her Business by Issuing $8,000 of Common

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Jenna Fisk started her business by issuing $8,000 of common stock on January 1, Year 1. Jenna performed $18,500 of service on account in Year 1, and she collected $16,200 of this amount by year end. She paid operating expenses of $14,900 and paid a $600 dividend to the stockholders.Required:What is the amount of total assets at the end of Year 1?What is the amount of cash on hand at the end of Year 1?What is net income for Year 1?Prepare a balance sheet for December 31, Year 1.


Definitions:

Neurological

Pertaining to the nervous system and its diseases or disorders.

Cooing

The early vocalization of babies that involves the production of soft, melodious sounds, typically occurring between 2 to 4 months of age.

Cognitive Development

The construction of thought processes, including remembering, problem-solving, and decision-making, from childhood through adolescence to adulthood.

Secondary Circular Reactions

The repetition of actions that produce an effect on the environment.

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