Thurston Company Started Its Business on January 1, Year 1

question 62

Essay

Thurston Company started its business on January 1, Year 1 by issuing $15,000 of common stock. On January 1, the company purchased equipment for $10,500. The equipment is estimated to have a three-year useful life and a $1,500 salvage value. Customers paid Thurston $54,000 for services performed in Year 1. The company paid $33,000 for operating expenses, and paid a $900 dividend to the stockholders. At year-end, Thurston recognized depreciation expense on the equipment.Required:a)What is the book (carrying)value of the equipment at the end of Year 1?b)What is the net income for Year 1?

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Definitions:

Emotional Disturbances

Conditions that significantly impact a person's emotional and psychological well-being, often interfering with daily life and functioning.

Cerebral Dysfunction

A disruption or impairment in the normal functioning of the brain.

Sexual Conflict

Disagreements, competition, or conflict between individuals, often within a species, arising from differences in sexual interest, strategy, or investment.

Loneliness

The subjective feeling of being alone or isolated, regardless of the amount of social contact or number of relationships.