Q
QuestionAccounting

Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company's books: Andrea invested $14,700 cash in the business in exchange for common stock. Andrea contributed $32,000 of photography equipment to the business. The company paid $3,300 cash for an insurance policy covering the next 24 months. The company received $6,900 cash for services provided during January. The company purchased $7,400 of office equipment on credit. The company provided $3,950 of services to customers on account. The company paid cash of $2,700 for monthly rent. The company paid $4,300 on the office equipment purchased in transaction #5 above. Paid $395 cash for January utilities. # Multiple Choice ## $\square$ $\$ 57,050$. ## $\square$ $\$ 14,855$. ## $\square$ $\$ 10,905$. ## $\square$ $\$ 22,300$. ## $\square$ $\$ 17,650$.

12 months agoReport content

Answer

Full Solution Locked

Step 1:
: Calculate the total amount of cash and investments made by Andrea into the business.

Total\; Investment = $14,700 + $32,000 = $46,700

Step 2:
: Calculate the total amount of revenues and gains for the company during January.

Total\; Revenues = $6,900 + $3,950 = $10,850

Step 3:
: Calculate the total amount of expenses and losses for the company during January.

Total\; Expenses = $3,300 + $2,700 + $395 + $4,300 = $10,695

Step 4:
: Calculate the net income for the company during January by subtracting total expenses from total revenues and adding the initial investment.

Net\; Income = $10,850 - $10,695 + $46,700 = $57,055

Final Answer

The net income for Apple Photography during January is $57,055.

Need Help with Homework?

Stuck on a difficult problem? We've got you covered:

Post your question or upload an image
Get instant step-by-step solutions
Learn from our AI and community of students

Learning Tools

Writing Tools

Browse Resources

Q
QuestionAccounting

Answer

Full Solution Locked

Step 1:
: Calculate the total amount of cash and investments made by Andrea into the business.

Step 2:
: Calculate the total amount of revenues and gains for the company during January.

Step 3:
: Calculate the total amount of expenses and losses for the company during January.

Step 4:
: Calculate the net income for the company during January by subtracting total expenses from total revenues and adding the initial investment.

Final Answer

Need Help with Homework?

Related Questions

Company

Explore

Study Tools

Learning Tools

Writing Tools

Browse Resources

QQuestionAccounting

AnswerHelpful

Full Solution Locked

Step 1:: Calculate the total amount of cash and investments made by Andrea into the business.

Step 2:: Calculate the total amount of revenues and gains for the company during January.

Step 3:: Calculate the total amount of expenses and losses for the company during January.

Step 4:: Calculate the net income for the company during January by subtracting total expenses from total revenues and adding the initial investment.

Final Answer

Need Help with Homework?

Related Questions

Q
QuestionAccounting

Answer

Step 1:
: Calculate the total amount of cash and investments made by Andrea into the business.

Step 2:
: Calculate the total amount of revenues and gains for the company during January.

Step 3:
: Calculate the total amount of expenses and losses for the company during January.

Step 4:
: Calculate the net income for the company during January by subtracting total expenses from total revenues and adding the initial investment.