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Thomas Corporation began business by issuing $2,000 of common stock on January 1, 2010. The business performed $8,000 of service on account in 2010...
Thomas Corporation began business by issuing $2,000 of common stock on January 1, 2010. The business performed $8,000 of service on account in 2010 and collected $6,000 of this amount by year end. It paid operating expenses of $4,500 and paid a $500 dividend to stockholders. a) What is the amount of total assets at the end of 2010? Please show your work. b) What is the amount of cash on hand at the end of 2010? Please show your work. c) What is the net income for 2010? Please show your work. d) Prepare a balance sheet for 2010.
Thomas Corporation began business by issuing $2,000 of common stock on January 1, 2010. The business performed $8,000 of service on account in 2010 and collected $6,000 of this amount by year end....