Presented below is a balance sheet for the Marks Lawn Service at December 31, 2013. The following additional data are available for the year which began on January 1, 2013: All expenses (excluding supplies expense) total $6,000. Supplies on January 1, were $11,000 and $3,000 of supplies were purchased during the year. Profit for the year was $8,000 and drawings were $5,000.
Instructions
Determine the following: (Show all calculations.)
a. Supplies used during the year.
b. Total expenses for the year.
c. Service revenues for the year.
d. Bill Marks' capital balance on January 1.

Question

Presented below is a balance sheet for the Marks Lawn Service at December 31, 2013.  The following additional data are available for the year which began on January 1, 2013: All expenses (excluding supplies expense) total $6,000. Supplies on January 1, were $11,000 and $3,000 of supplies were purchased during the year. Profit for the year was $8,000 and drawings were $5,000.
Instructions
Determine the following: (Show all calculations.) 
a. Supplies used during the year.
b. Total expenses for the year.
c. Service revenues for the year.
d. Bill Marks' capital balance on January 1.

Quizplus · Accepted Answer

The Answer of Presented below is a balance sheet for the Marks Lawn Service at December 31, 2013.  The following additional data are available for the year which began on January 1, 2013: All expenses (excluding supplies expense) total $6,000. Supplies on January 1, were $11,000 and $3,000 of supplies were purchased during the year. Profit for the year was $8,000 and drawings were $5,000.
Instructions
Determine the following: (Show all calculations.) 
a. Supplies used during the year.
b. Total expenses for the year.
c. Service revenues for the year.
d. Bill Marks' capital balance on January 1.

Presented Below Is a Balance Sheet for the Marks Lawn