Calculate the unknown amount in each of the following separate companies a through d.

	(a)	(b	(c)	(d)
Equity, December 31, 2009	$0	$0	$0	$0
Owner investments during the year	112,500	?	85,347	201,871
Owner withdrawals during the year	?	(51,000)	(8,000)	(53,000)
Net income (loss) for the year	27,000	78,000	(6,000)	?
Equity, December 31, 2010	94,500	91,665	?	101,871

A company had the following assets and liabilities at the beginning and end of a recent year.

Determine the net income earned or net loss incurred by the business during the year for the case below:
 Owner made no investments in the business and no withdrawals were made during the year.

Use the information in the earlier question to prepare an October 31 balance sheet for Tech Talk.

Use the information in the previous question to prepare an October statement of owner's equity for Tech Talk. (The owner invested $124,114 to launch the company.)

Which financial statement is often called the statement of financial position?

Give the definition of net assets.

Give the definition of equity.

Give the definition of liabilities.

Give the definition of assets.

On October 1, Diondre Shabazz organized a new consulting firm called Tech Talk. On October 31, the company's records show the following accounts and amounts. Use this data to prepare an October income statement for the business.

Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March.

March 1 Brooks invested $150,000 cash along with$22.000 of office equipment in the business.
 2 Prepaid $6,000 cash for six months' rent for an office. (Hint: Debit Prepaid Rent (an asset) for$6,000.)
 3 Made credit purchases of office equipment for $3,000 and office supplies for$1,200.
 6 Completed services for a client and immediately received $4,000 cash.
 9 Completed a$7,500 project for a client, who must pay within 30 days.
 12 Paid $4,200 cash to settle the account payable created on March 3.
 19 Paid$5,000 cash for the premium on a 12-month insurance policy.
 22 Received $3,500 cash as partial payment for the work completed on March 9.
 25 Completed work for another client for$3,820 on credit.
 29 Brooks withdrew $5,100 cash for personal use.
 30 Purchased$600 of additional office supplies on credit.
 31 Paid $500 cash for this month's utility bill.

Required
1. Open the following T-accounts-Cash; Accounts Receivable: Office Supplies: Prepaid Insurance: Prepaid Rent: Office Equipment; Accounts Payable; D. Brooks, Capital: D. Brooks, Withdrawals: Services Revenue; and Utilities Expense. Post the transactions in the T-accounts.
2. Prepare a trial balance as of the end of March. Kendis Lanelle started a computer consulting business called Viva Consultants and completed the following transactions in the first month of operations.

Asset and expense accounts normally have:

a. 0 balances
b. Credit balances
c. Debit balances
d. Negative balances

Diella Management Services launches for business and completes these transactions in November.

Nov. 1 Cicely Diella, the owner, invested $30,000 cash along with$15,000 of office equipment in the business.
 2 Prepaid $4,500 cash for six months' rent for an office. (Hint: Debit Prepaid Rent (an asset) for$4.500.)
 4 Made credit purchases of office equipment for $2,500 and of office supplies for$600.
 8 Completed work for a client and immediately received $3,400 cash.
 12 Completed a$10,200 project for a client, who must pay within 30 days.
 13 Paid $3,100 cash to settle the payable created on November 4.
 19 Paid$1,800 cash for the premium on a 24-month insurance policy.
 22 Received $5,200 cash as partial payment for the work completed on November 12.
 24 Completed work for another client for$1,750 on credit.
 28 Cicely Diella withdrew $5,300 cash for personal use.
 29 Purchased$249 of additional office supplies on credit.
 30 Paid $831 cash for this month's utility bill.

Required
1. Open the following T-accounts-Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Prepaid Rent: Office Equipment; Accounts Payable; C. Diella, Capital; C. Diella, Withdrawals; Services Revenue; and Utilities Expense. Post the transactions in the T-accounts.
2. Prepare a trial balance as of the end of November.

Give the names of two (a) asset accounts, (b) liability ac- counts, and ( c) equity accounts.