At the end of its first month of operations, JMP Consulting reported net income of $29,500....
At the end of its first month of operations, JMP Consulting
reported net income of $29,500. They also had account balances of:
Cash, $21,000; Office Supplies, $2,750 and Accounts Receivable,
$11,500. The owner's total investment for this first month was
$5,750. There were no owner withdrawals in the first month.
Calculate the ending balance in the Owner's
Capital account to be reported on the Statement of Owner's
Equity.
2. A company purchased a new delivery van at a cost of $47,000 on July 1. The delivery van is estimated to have a useful life of 5 years and a salvage value of $3,500. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the van during the first year ended December 31?
2.
Homework Answers
1) Total assets on First month = 21000+2750+11500 = 35250
Total Ending balance of owner's capital :
| Beginning balance | 5750 |
| Add: Net income | 29500 |
| Less: Withdrawal | 0 |
| Ending balance | 35250 |
2) depreciation expense for first year = (47000-3500)/5*6/12 = 4350
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At the end of its first month of operations, JMP Consulting
reported net income of $29,500....
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