Reference no: EM132276506
Problem -
On April 1, Julie Chen established Miaoli's Travel Agency. The following transactions were completed during the month.
Analyze transactions and compute net income.
1. Shareholders invested NT$15,000 cash in the business in exchange for ordinary shares.
2. Paid NT$600 cash for April office rent.
3. Purchased equipment for NT$3,000 cash.
4. Incurred NT$700 of advertising costs for Facebook ads, on account.
5. Paid NT$900 cash for office supplies.
6. Performed services worth NT$10,000: NT$3,000 cash is received from customers, and the balance of NT$7,000 is billed to customers on account.
7. Declared and paid NT$600 dividend.
8. Paid Facebook NT$500 of the amount due in transaction (4).
9. Paid employees' salaries NT$2,500.
10. Received NT$4,000 in cash from customers who have previously been billed in transaction (6).
Instructions -
a. Prepare a tabular analysis of the transactions using the following column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Share Capital-Ordinary, Revenues, Expenses, and Dividends.
b. From an analysis of the retained earnings columns, compute the net income or net loss for April.
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