Anonymous asked in Education & ReferenceHomework Help · 3 weeks ago

Accounting Homework question?

Accounts Payable $ 4,113

Salaries and Wages Expense $22,621 Cash 8,911Notes Payable 34,275Advertising Expense 8,226Rent Expense 14,395Service Revenue 73,348Accounts Receivable 18,508 Equipment 39,759Owner’s Drawings 10,282

Q1) Determine the total assets of the Company at December 31, 2020

Q2) Determine the net income the Company reported for December 2020.

Q3) Determine the owner’s equity of the Company at December 31, 2020

1 Answer

  • Eva
    Lv 4
    3 weeks ago

    Do your own homework. First determine what type of account each one is: asset, liability, income or expense . Assets & liabilities go on the balance sheet, income and expenses go on the profit and loss statement. Do your trial balance first and to make sure you have the debits and credits correct, then split that into the two reports.

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