Presented Below Is a Balance Sheet for Mark Bledsoe Yard

question 1

Essay

Presented below is a balance sheet for Mark Bledsoe Yard Service at December 31, 2022. 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.
Instructions
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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Definitions:

Actual Authority

The specific power given to an agent by a principal, derived from their agreement and can be express or implied based on their actions.

Apparent Authority

The perception by a third party that an agent has the authority to act on behalf of a principal, even if such authority has not been explicitly or implicitly granted.

Principal Liable

Refers to the legal responsibility of the principal party in a relationship (such as an employer) for certain actions of their agents or employees under the doctrine of vicarious liability.

Apparent Authority

The impression given to third parties that an agent is authorized to act on behalf of a principal, even if such authority has not been formally granted.