Question

The transactions of Spade Company appear below. Kacy Spade, owner, invested $16,500 cash in the company in exchange for common stock. The company purchased office supplies for $479 cash. The company purchased $9,125 of office equipment on credit. The company received $1,947 cash as fees for services provided to a customer. The company paid $9,125 cash to settle the payable for the office equipment purchased in transaction c. The company billed a customer $3,498 as fees for services provided. The company paid $515 cash for the monthly rent. The company collected $1,469 cash as partial payment for the account receivable created in transaction f. The company paid a $1,000 cash dividend to the owner (sole shareholder).

Answer 1

Answer:

Assets Liabilities

Cash 4, 100 Account Payable 1, 100

Equipment 16,500 Note Payable 10,500

Land 8,500 Equity

Common Stock 11,000

Retained Earnings 6,500

Total Assets 29,100 Total Liab + SE 29, 100

Step-by-step explanation:

Retained earnings will be calculate using the accounting equation

Assets = liab + equity

29,100 = 1,100 + 10,500 + 11,000 + RE

RE = 29,100 - 1,100 - 10,500 - 11,000 = 6,500

Step-by-step explanation: