Reference no: EM13937905
Analyze business transactions using the accounting equation. The following trans actions apply to Xavier Bostic's Auto Detail Service during November 2008.
1. Xavier started the business by depositing $3,350 in a business checking account on November 1 in exchange for common stock.
2. The company purchased a vacuum cleaner for $1,145 cash.
3. The company borrowed $1,575 from the bank for the business by signing a note.
4. The company provided services to clients and received $5,705 in cash.
5. The company paid $535 of operating expenses.
6. The company made a distribution of $200 to the owner.
Required
a. Enter the transactions into the accounting equation.
b. What are the total assets of the company at the end of November 2008?
c. Prepare a statement of cash flows for November 2008.
d. What was net income for November 2008?
e. Who might find the information on Xavier Bostic's Auto Detail Service financial statements useful?
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