Turner Company Started Its Business by Issuing $10,000 of Common

Essay

Turner Company started its business by issuing $10,000 of common stock on January 1, Year 1. The company performed $38,000 of services for customers on account in Year 1. It collected $32,500 of this amount in Year 1, recorded expenses on account of $29,500, paid $21,000 of the payables owed, and paid a $500 dividend to the stockholders.
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 the amount of net income for Year 1.d)Prepare a balance sheet as of December 31, Year 1.