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The Accounting Records of I Eclaire Delivery Services Show The Following

The accounting records of I.eClaire Delivery Services show its assets and liabilities for the ends of 2013 and 2014. In 2014, the owner purchased a small office building for $112,500 by paying $60,000 cash and signing a note payable for the balance. The owner also invested an additional $17,500 cash into the business. The business earned a net income in 2014 that allowed the owner to withdraw $1,500 per month for personal expenses.

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103 views1 page

The Accounting Records of I Eclaire Delivery Services Show The Following

The accounting records of I.eClaire Delivery Services show its assets and liabilities for the ends of 2013 and 2014. In 2014, the owner purchased a small office building for $112,500 by paying $60,000 cash and signing a note payable for the balance. The owner also invested an additional $17,500 cash into the business. The business earned a net income in 2014 that allowed the owner to withdraw $1,500 per month for personal expenses.

Uploaded by

Taimur Technologist
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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The accounting records of I eClaire Delivery Services

show the following #4254


The accounting records of I.eClaire Delivery Services show the following assets and liabilities as
of the end of 2014 and 2013:During December 2014, the owner, Jess LeClaire, purchased a
small office building and moved the business from rented quarters to the new building. The
building and the land it occupies cost $112,500. The business paid $60,000 in cash and a note
payable was signed for the balance. LeClaire had to invest $17,500 cash in the business to
enable it to pay the $60,000. The business earned a net income during 2014, which enabled
LeClaire to withdraw $1,500 per month from the business for personal expenses.Required1.
Prepare balance sheets for the business as of the end of 2013 and the end of 2014.2. Prepare
a calculation to show how much net income was earned by the business during 2014.Analysis
Component: Assets increased from $138,750 at December 31, 2013, to $235,200 at December
31, 2014. Using numbers wherever possible, explain how these assets were financed.View
Solution:
The accounting records of I eClaire Delivery Services show the following

ANSWER
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