Reference no: EM131640766

Question - Strand Corp has the following information for their first month of their professional services business:

Revenues $150,000, wage expense $70,000, rent expense $20,000, advertising expense $10,000, cash $15,000, accounts receivable $15,000, equipment $100,000, accounts payable $5,000, notes payable $45,000, common stock $30,000.  

Questions:

1) How much is Strand's Net Income?

2) What is the balance of Strand's total assets?

3) What is the balance of Strand's total Liabilities?

4) Do Assets = Liabilities + Equity? (prove it with numbers)