5 seaside company completed the following transactions during march its first month 4352237

5.Seaside Company completed the following transactions during, March, its first month of operations:

1. Owners invested $100,000 cash in the business.

2. $3,200 was paid for one month's office rent.

3. Equipment was purchased by signing a $120,000 note.

4. Services were performed for customers for $10,000 cash.

5. Goods were sold to customers for $14,000 cash.

6. Paid $4,000 on the note signed in transaction #3.

Required:

After these transactions, what is the total amount of:

a.Assets

b.Liabilities

c.Notes payable

d.Owners' equity

6.Marine Stock Company began business on September 1. Transactions for the first month of business were as follows:

Sept  1:Tony and Ken each contributed $5,400 to the firm.

Sept  5:Equipment costing $4,320 was purchased with cash.

Sept 12:Inventory costing $1,440 was acquired for cash.

Sept 21:Supplies having a cost of $585 were purchased for cash.

Sept 25:The entire inventory was sold to a customer for $3,780 cash.

Sept 30:The last of the supplies were used up.

Required:

Answer the following questions as of the close of business on September 30:

a.Total assets

b.Total expenses for the month of September

c.Cost of sales for September

d.Total liabilities

e.Total owners' equity

f.Retained earnings

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