Homework Answers
Answer 22. (a) $27,800
| Particulars | Amount |
| Fee Earned | $150,800 |
| Depreciation | -$8,000 |
| Operating expenses | -$115,000 |
| Net Income | $27,800 |
Answer 23. (d) $190,600
| Particulars | Amount |
| Account receivable | $15,000 |
| Cash | $26,600 |
| Equipment | $195,000 |
| Accumulated Depreciation | -$46,000 |
| Total Assets | $190,600 |
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[The following information applies to the questions displayed below.] On December 1, Year 1, John and...
[The following information applies to the questions displayed
below.]
On December 1, Year 1, John and Patty Driver formed a
corporation called Susquehanna Equipment Rentals. The new
corporation was able to begin operations immediately by purchasing
the assets and taking over the location of Rent-It, an equipment
rental company that was going out of business. The newly formed
company uses the following accounts.
Cash
Capital Stock
Accounts Receivable
Retained Earnings
Prepaid Rent
Dividends
Unexpired Insurance
Income Summary
Office Supplies
Rental...
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[The following information applies to the questions displayed
below.]
On December 1, Year 1, John and Patty Driver formed a
corporation called Susquehanna Equipment Rentals. The new
corporation was able to begin operations immediately by purchasing
the assets and taking over the location of Rent-It, an equipment
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