ransactions; Financial Statements Bev’s Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company for a fee. The assets and the liabilities of the business on November 1, 2019, are as follows: Cash, $18,480; Accounts Receivable, $37,840; Supplies, $3,520; Land, $44,000; Accounts payable, $15,840. Business transactions during November are summarized as follows: Beverly Zahn invested additional cash in the business with a deposit of $33,000 in the business bank account. Purchased land adjacent to land currently owned by Bev’s Dry Cleaners to use in the future as a parking lot, paying cash of $16,600. Paid rent for the month, $12,140. Charged customers for dry cleaning revenue on account, $34,410. Paid creditors on account, $14,170. Purchased supplies on account, $6,070. Received cash from cash customers for dry cleaning revenue, $32,380. Received cash from customers on account, $40,480. Received monthly invoice for dry cleaning expense for November (to be paid on December 10), $16,190. Paid the following: wages expense, $8,910; truck expense, $3,240; utilities expense, $3,440; miscellaneous expense, $1,540. Determined that the cost of supplies on hand was $8,170; therefore, the cost of supplies used during the month was $1,420. Withdrew $9,300 cash for personal use. Required: 1.  Determine the amount of Beverly Zahn’s capital as of November 1. =  $

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
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Problem 10E: Spreadsheet The following 2019 information is available for Payne Company: Partial additional...
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Transactions; Financial Statements

Bev’s Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company for a fee. The assets and the liabilities of the business on November 1, 2019, are as follows: Cash, $18,480; Accounts Receivable, $37,840; Supplies, $3,520; Land, $44,000; Accounts payable, $15,840. Business transactions during November are summarized as follows:

  1. Beverly Zahn invested additional cash in the business with a deposit of $33,000 in the business bank account.
  2. Purchased land adjacent to land currently owned by Bev’s Dry Cleaners to use in the future as a parking lot, paying cash of $16,600.
  3. Paid rent for the month, $12,140.
  4. Charged customers for dry cleaning revenue on account, $34,410.
  5. Paid creditors on account, $14,170.
  6. Purchased supplies on account, $6,070.
  7. Received cash from cash customers for dry cleaning revenue, $32,380.
  8. Received cash from customers on account, $40,480.
  9. Received monthly invoice for dry cleaning expense for November (to be paid on December 10), $16,190.
  10. Paid the following: wages expense, $8,910; truck expense, $3,240; utilities expense, $3,440; miscellaneous expense, $1,540.
  11. Determined that the cost of supplies on hand was $8,170; therefore, the cost of supplies used during the month was $1,420.
  12. Withdrew $9,300 cash for personal use.

Required:

1.  Determine the amount of Beverly Zahn’s capital as of November 1.
=  $

 

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