Jerry Mathers started his business by issuing $4,000 of common stock on January 1, 2013. Jerry performed $8,500 of service on account in 2013, and he collected $6,200 of this amount by year end. He paid operating expenses of $6,900 and paid a $900 dividend to the stockholders. Required:
A) What is the amount of total assets at the end of 2013?
B) What is the amount of cash on hand at the end of 2013?
C) What is net income for 2013?
D) Prepare a balance sheet for 2013.

Question

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The Answer of Jerry Mathers started his business by issuing $4,000 of common stock on January 1, 2013. Jerry performed $8,500 of service on account in 2013, and he collected $6,200 of this amount by year end. He paid operating expenses of $6,900 and paid a $900 dividend to the stockholders. Required:
A) What is the amount of total assets at the end of 2013?
B) What is the amount of cash on hand at the end of 2013?
C) What is net income for 2013?
D) Prepare a balance sheet for 2013.

Jerry Mathers Started His Business by Issuing $4,000 of Common