What is the amount of the net income for the month

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Reference no: EM13545566

Nature of transactions

Jeremy Zabel operates his own catering service. Summary financial data for February are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner's equity, except transaction (5), affects net income.


Assests

=

Liabilities +

Owner's Equity






Accounts

Jeremy Zabel,

Jeremy Za-

Fees



Cash

+Supplies

+Land

=

Payable

+ Capital

- bel, Drawing

+ Earned

- Expenses


25,000

2,000

75,000


12,000

90,000




1

+ 29,000







29,000


2

-20,000


+ 20,000







3

-14,000








-14,000

4


+ 1,000



+ 1,000





5

- 2,000






- 2,000



6

- 7,000




-7,000





7


-1800







-1,800


11,000

1,200

95,000


6,000

90,000

- 2,000

29,000

-15,800

a. Describe each transaction.

b. What is the amount of net decrease in cash during the month?

c. What is the amount of net increase in owner's equity during the month?

d. What is the amount of the net income for the month?

e. How much of the net income for the month was retained in the business?

Reference no: EM13545566

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