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Transactions during the first year of operations are provided below.
The owner, Sharon McCoy, contributed $10,000 cash in exchange for capital.
Paid $1,100 cash for equipment to be used for plumbing repairs.
Borrowed $12,000 from a local bank and deposited the money in the checking account.
Paid $300 rent for the year.
Purchased $200 of office supplies by cash.
Completed a plumbing repair project for a local lawyer and received $3,200 cash.
Calculate the amount of total liabilities at the end of the first year.
$12,000
$10,000
$20,900
$3,200
Question 2
The earnings of a sole proprietorship are __________.
not separated from the personal income of the proprietor
a separate taxable entity from the proprietor's personal income
subject to double taxation
handled similarly to that of a corporation
Question 3
Hollywood Talent Services is a sole proprietorship operated by Phil Morris. The net income of Hollywood Talent Services is $23,000 for the year. The beginning and ending Morris, Capital account was $33,000 and $50,000, respectively. During the year, there were no new capital contributions. Calculate the amount of the owner's withdrawals for the year.
$16,000
$6,000
$10,000
$9,000
Question 4
Dynamic Production Services started the year with total assets of $130,000 and total liabilities of $50,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $100,000 and $60,000, respectively. During the year, there were no new capital contributions, and the owner withdrew $45,000. Calculate Dynamic's net income for the year.
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