Solution-Compute the net income for the month

Compute the net income for the month

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Question- A tabular analysis of the transactions made during August 2014 by Colaw Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained.

Assets							=	Liabilities	+	Stockholders' Equity
Cash	+	A/R	+	Supp.	+	Equip.	=	Accounts Payable	+	Common Stock	+	Retained Earnings
Revenues	-	Expenses	-	Dividends
(1)	$15,790	$15,790	Com. Stock
(2)	-1,600	$5,100	$3,500
(3)	-660	$660
(4)	5,010	$5,870	$10,880	Serv. Rev.
(5)	-2,260	-2,260
(6)	-2,160	-$2,160	Div.
(7)	-730	-$730	Rent Exp.
(8)	390	-390
(9)	-3,720	-3,720	Salar. Exp.
(10)	310	-310	Util. Exp.

Determine how much stockholders' equity increased for the month.

Compute the net income for the month.

Reference no: EM131790898

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Compute the net income for the month

Reference no: EM131790898

Reference no: EM131790898

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