Thomas Corporation began business by issuing $2,000 of common stock on January 1,2012.The business performed $8,000 of service on account in 2012 and collected $6,000 of this amount by year end.It paid operating expenses of $4,500 and paid a $500 dividend to stockholders.
Required:
a)What is the amount of total assets at the end of 2012?
b)What is the amount of cash on hand at the end of 2012?
c)What is the net income for 2012?
d)Prepare a balance sheet for 2012.

Question

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The Answer of Thomas Corporation began business by issuing $2,000 of common stock on January 1,2012.The business performed $8,000 of service on account in 2012 and collected $6,000 of this amount by year end.It paid operating expenses of $4,500 and paid a $500 dividend to stockholders.
Required:
a)What is the amount of total assets at the end of 2012?
b)What is the amount of cash on hand at the end of 2012?
c)What is the net income for 2012?
d)Prepare a balance sheet for 2012.

Thomas Corporation Began Business by Issuing $2,000 of Common Stock