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 during Year 1, and she collected $16,200 of this amount by the end of Year 1. She also paid operating expenses of $14,900 and paid a $600 dividend to the stockholders during Year 1.
Required:a)Determine the amount of total assets at the end of Year 1.b)Determine the amount of cash on hand at the end of Year 1.c)Determine net income for Year 1.d)Prepare a balance sheet as of 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 during Year 1, and she collected $16,200 of this amount by the end of Year 1. She also paid operating expenses of $14,900 and paid a $600 dividend to the stockholders during Year 1.
Required:a)Determine the amount of total assets at the end of Year 1.b)Determine the amount of cash on hand at the end of Year 1.c)Determine net income for Year 1.d)Prepare a balance sheet as of December 31, Year 1.

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