Turner Company started its business by issuing $10,000 of common stock on January 1,2016.The company performed $38,000 of service for customers on account in 2016.It collected $32,500 of this amount in 2016,recorded expenses on account of $29,500,paid $21,000 of the payables owed,and paid a $500 dividend to the stockholders.
Required:
a)What is the amount of total assets at the end of 2016?
b)What is the amount of cash on hand at the end of 2016?
c)What is the net income for 2016?
d)Prepare a balance sheet for 2016.

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The Answer of Turner Company started its business by issuing $10,000 of common stock on January 1,2016.The company performed $38,000 of service for customers on account in 2016.It collected $32,500 of this amount in 2016,recorded expenses on account of $29,500,paid $21,000 of the payables owed,and paid a $500 dividend to the stockholders.
Required:
a)What is the amount of total assets at the end of 2016?
b)What is the amount of cash on hand at the end of 2016?
c)What is the net income for 2016?
d)Prepare a balance sheet for 2016.

Turner Company Started Its Business by Issuing $10,000 of Common