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:

Activity Cost Pools

Groupings of individual costs associated with particular activities, used in activity-based costing to allocate costs more precisely.

Cost Analysis Report

A detailed examination of cost elements and their impact on the overall expenses of a business, often used to inform financial decisions and strategies.

Time-Based Activity-Based Costing

A costing method that assigns costs based on the amount of time activities take to complete, enhancing the accuracy of product costing.

Practical Capacity

The maximum amount of work that could realistically be achieved in a given period under normal working conditions.