20. At the end of June, the Abiti\'s Consulting, Inc.\'s accounting system showe
ID: 2329346 • Letter: 2
Question
20. At the end of June, the Abiti's Consulting, Inc.'s accounting system showed the following amounts: cash-$11,810, accounts receivable = $500, supplies = $400. accounts payable - $200, common stock - S10,000, and retained earnings-$2,510. The retained earnings amount was based on the following: resources resulting from services provided to customers $3,300, resources used up to provide services to customers $640, and dividends - $150. Determine the dollar amount of resources on hand at the end of June that Abiti's Consulting, Inc. obtained through borrowing $12,710 $10,000 $2,660 $11,810 $200 21. At the end of June, the Abiti's Consulting, Inc.'s accounting system showed the following amounts: cash - $11,810, accounts receivable- $500, supplies $400, accounts payable - $200, common stock $10,000, and retained earnings $2,510. The retained earnings amount was based on the following: resources resulting from services provided to customers $3,300, resources used up to provide services to customers- $640, and dividends- $150. Determine the dollar amount of resources on hand at the end of June that Abiti's Consulting, Inc. obtained through the owner's investments $12,710 $10,000 $2,660 $11,810 $200 22. At the end of June, the Abiti's Consulting, Inc.'s accounting system showed the following amounts: cash - $11,810, accounts receivable- $500, supplies - $400, accounts payable -$200, common stock $10,000, and retained earnings - $2,510. The retained earnings amount was based on the following: resources resulting from services provided to customers $3,300, resources used up to provide services to customers $640, and dividends -$150. Determine the Abiti's Consulting, Inc.'s net income for June $2,660 $11,810 $3,300 $2,510 $12,710Explanation / Answer
20)correct option is "E" - 200
Dollar amount of resource obtained through borrowing is equal to total liabilities at end = Accounts payable $ 200
21)correct option is : "B"-10000
Amount at end through owners investment is equal to common stock initially purchased by owners = 10000
22)correct option is "A"
Net Income = revenue -expense
= 3300-640
= 2660
23)correct option is "E" -2660
Net dollar amount generated through management operations =Net income earned
= 2660
24)correct option is " C"-2510
resources kept in company = Net income -dividend
= 2660-150
= 2510
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