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

question 84

Essay

Jenna Fisk started her business by issuing $8,000 of common stock on January 1,2016.Jenna performed $18,500 of service on account in 2016,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:
a)What is the amount of total assets at the end of 2016?
b)What is the amount of cash on hand at the end of 2016?
c)What is net income for 2016?
d)Prepare a balance sheet for December 31,2016.

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Definitions:

Economic Statement

A declaration or report that provides information regarding the financial performance or economic conditions of an entity, sector, or economy.

Minimum Wage

The lowest legal hourly pay for workers, as established by law.

Way Of Thinking

A perspective or method of approaching problems and making decisions based on certain principles, values, or assumptions.

Macroeconomics

The branch of economics that studies how the aggregate economy behaves, focusing on indicators like GDP, unemployment rates, and inflation.