Jenna Fisk started her business by issuing $8,000 of common stock on January 1, Year 1. Jenna performed $18,500 of service on account in Year 1, and she collected $16,200 of this amount by year end. She paid operating expenses of $14,900 and paid a $600 dividend to the stockholders.Required:What is the amount of total assets at the end of Year 1?What is the amount of cash on hand at the end of Year 1?What is net income for Year 1?Prepare a balance sheet for December 31, Year 1.

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The Answer of Jenna Fisk started her business by issuing $8,000 of common stock on January 1, Year 1. Jenna performed $18,500 of service on account in Year 1, and she collected $16,200 of this amount by year end. She paid operating expenses of $14,900 and paid a $600 dividend to the stockholders.Required:What is the amount of total assets at the end of Year 1?What is the amount of cash on hand at the end of Year 1?What is net income for Year 1?Prepare a balance sheet for December 31, Year 1.

Jenna Fisk Started Her Business by Issuing $8,000 of Common