Dominick Lopez operates a consulting firm called tech today. On August 31, the c

Question

Dominick Lopez operates a consulting firm called tech today. On August 31, the company's records show the following accounts for the month of August. Use this information to prepare a balance sheet for the business.

Cash----$8360

Accounts receivable---$17000

Office supplies----$3250

Land----$46000

Office equipment----$18000

Accounts payable----$8000

D. Lopez capital, July 31 -----$4000

D.Lopez withdrawals -----$3000

Consulting fees earned ----$17000

Rent expense ----$4500

Salaries expense----$8000

Telephone expense ----$560

Miscelleneous expense---$280

Owner investments ----$80000

Explanation / Answer

Consulting fees earned ----$17000

Less:Rent expense -- $4500

less;Salaries expense- $8000

less; Telephone expense - $560

less;Miscelleneous expense- $280

NET INCOME $3660

retained earnings=$3660

Balance sheet of tech today

Assets $

Cash- $8360

Accounts receivable $17000

Office supplies $3250

Land- $46000

Office equipment $18000

tatal assets 92610

D. Lopez capital $1000

Accounts payable--- -$8000

Owner investments $80000

retained earnings $3660

total liabilities 92660

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