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:

Numbered Cards

Cards sequentially labeled to organize information, facilitate easy retrieval, or guide an ordered presentation or process.

Nonlinear

Not proceeding in a straight line or sequential order, often referring to narratives or processes that jump around in time or topic.

Storytelling

The art of conveying messages, stories, or narratives through verbal or written form to entertain, educate, or convey morals.

Direct

A straightforward or explicit way of communication or action without any intermediary steps.