Using the Following Transactions,calculate the Ending Balance of (A)total Assets

question 13

Essay

Using the following transactions,calculate the ending balance of (A)total assets, (B)total liabilities, (C)Cash,and (D)Stockholders' Equity.Indicate whether each balance is debit or credit.
a.Began doing business by selling shares of common stock to investors for $72,000 in cash.
b.Paid one year's insurance in advance,$4,800.
c.Billed customers for services rendered,$12,000.
d.Received utility bill,to be paid next month,$800.
e.Received $1,600 in advance of performing a service.
f.Received $8,800 from customers billed in c.
g.Paid $600 on the utility bill of d.
h.Dividends of $4,000 were paid to common stock holders.

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Definitions:

Adjustment Necessary

Indicates that changes must be made to financial records or statements to correct inaccuracies or account for new information.

Equipment Account

An account in financial records that tracks the cost and accumulated depreciation of equipment owned by a business.

Unamortized Patent

The portion of a patent's cost that has not yet been expensed through amortization.

Consolidation

Consolidation involves combining the financial statements of multiple subsidiary entities into those of a single parent entity, providing a unified view of financial performance and position.