Assets and Liabilities.
1. The owner invested 36000 in cash to begin the business
2. paid 9,180 in cash for the purchase of equipment
3. purchased additional equipment for 5600
4. paid 4500 in cash to creditors
5. the owners made an additional investment of 11200 in cash
6. performed services for 3200
7. performed services for 1900 on account
8. paid 1300 for rent expense
9. received 850 in cash from credit clients
10. paid 2500 in cash for office supplies
11. the owner withdrew 2000 in cash for personal expenses
really would appreciate the help. i know that in the end i should end up with 50,100
To determine the total assets and liabilities, we need to analyze the given information step by step.
First, let's calculate the assets:
1. The owner invested $36,000 in cash to begin the business.
- This increases the Cash asset by $36,000.
2. Paid $9,180 in cash for the purchase of equipment.
- This reduces the Cash asset by $9,180 and increases the Equipment asset by the same amount.
3. Purchased additional equipment for $5,600.
- This reduces the Cash asset by $5,600 and increases the Equipment asset by the same amount.
4. Paid $4,500 in cash to creditors.
- This reduces the Cash asset by $4,500.
5. The owners made an additional investment of $11,200 in cash.
- This increases the Cash asset by $11,200.
6. Performed services for $3,200.
- This increases the Cash asset by $3,200.
7. Performed services for $1,900 on account.
- This increases the Accounts Receivable asset by $1,900.
8. Paid $1,300 for rent expense.
- This reduces the Cash asset by $1,300.
9. Received $850 in cash from credit clients.
- This increases the Cash asset by $850.
10. Paid $2,500 in cash for office supplies.
- This reduces the Cash asset by $2,500.
11. The owner withdrew $2,000 in cash for personal expenses.
- This reduces the Cash asset by $2,000.
To determine the total assets, we need to sum up all the changes in the assets:
$36,000 (initial investment)
- $9,180 (purchase of equipment)
- $5,600 (purchase of additional equipment)
- $4,500 (payment to creditors)
+ $11,200 (additional investment)
+ $3,200 (services performed)
+ $1,900 (accounts receivable from services)
- $1,300 (rent expense)
+ $850 (cash received from clients)
- $2,500 (purchase of office supplies)
- $2,000 (cash withdrawn for personal expenses)
Total Assets = $36,000 - $9,180 - $5,600 - $4,500 + $11,200 + $3,200 + $1,900 - $1,300 + $850 - $2,500 - $2,000 = $28,770
Now, let's calculate the liabilities:
Based on the given information, there are no specific liabilities mentioned. Therefore, we assume there are no liabilities in this scenario.
Therefore, the total assets in this situation are $28,770.
Please note that this explanation assumes that there are no other transactions or details provided. It's always recommended to double-check and consult with a professional accountant to ensure accurate accounting practices for specific situations.