DolCor, Inc. is an accounting firm and began operations on January 1, 2019. The company used the accrual basis of accounting to record the following transactions during 2019: a. Received $5,000 in exchange for capital stock from owners.
b. Paid $2,400 for a two-year general business insurance policy on January 1.
c. Purchased $2,800 of office supplies on account.
d. Received $36,000 on February 1 for work to be performed evenly over the next 12 months.
e. $40,000 worth of services were provided to customers on account and $15,000 worth of services were provided to customers for cash.
f. Purchased office equipment for $20,000. A cash down payment of $2,000 was made. The remaining $18,000 is due in 24 equal monthly installments beginning on January 1, 2020 9.
g. Paid cash for operating expenses of $18,500.
h. Paid a cash dividend of $5,000 to owners.
i. Paid $1,800 on the amount due from transaction c. <
j. Collected $30,000 from customers from transaction e.
k. Recorded insurance expense incurred by year-end for transaction b.
l. Recorded the usage of $2,500 in the office supplies purchased in transaction c.
m. Recorded revenue earned by year-end for transaction d. n. Recorded $3,000 in depreciation for the office equipment purchased in transaction I.
Answer the following questions related to the above information.
QUESTION 1: Net Income for the year ended 12.31.19 was:
QUESTION 2: Total current assets on 12.31.19 were:
QUESTION 3: Total fixed assets on 12.31.19 were:
QUESTION 4: Total liabilities on 12.31.19 were:
QUESTION 5: Total stockholders' equity on 12.31.19 was: