Turner Company Started Its Business by Issuing $10,000 of Common

question 104

Essay

Turner Company started its business by issuing $10,000 of common stock on January 1,2016.The company performed $38,000 of service for customers on account in 2016.It collected $32,500 of this amount in 2016,recorded expenses on account of $29,500,paid $21,000 of the payables owed,and paid a $500 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 the net income for 2016?
d)Prepare a balance sheet for 2016.

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Definitions:

Emotional Release

The process of letting go of pent-up emotions through various means, which can lead to a sense of relief or catharsis.

Insight

The ability to understand the inner nature of things or to gain an intuitive understanding of a complex situation.

Psychodynamic Therapist

A mental health professional who practices psychodynamic therapy, focusing on unconscious processes as they are manifested in a person's present behavior.

Therapeutic Process

The series of steps and interactions between a therapist and client aimed at addressing and resolving psychological issues.