Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following trans...

Question

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

## $\square$

$\$ 57,050$.

## $\square$

$\$ 14,855$.

## $\square$

$\$ 10,905$.

## $\square$

$\$ 22,300$.

## $\square$

$\$ 17,650$.

CramX · Accepted 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.. Final Answer: The net income for Apple Photography during January is $57,055.

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.

Final Answer

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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.

Final Answer

Need Help with Homework?

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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.