Problem no1: Presented below is a balance sheet for Ken Carr Lawn Service at December 31, 2005. KEN CARR LAWN SERVICE Balance Sheet December 31, 2005 Assets Liabilities and Owner's Equity Cash $13,000 Liabilities Accounts receivable 6,000 Accounts payable $ 8,000 Supplies 9,000 Notes payable 15,000 Equipment 11,000 Owner's equity Ken Carr, Capital 16,000 Total assets $39,000 Total liabilities & owner's equity $39,000 The following additional data are available for the year which began on January 1: All expenses (excluding supplies expense) total $6,000. Supplies on January 1, were $11,000 and $3,000 of supplies were purchased during the year. Net income for the year was $8,000 and drawings were $5,000. Instructions: Determine the following: (Show all computations.) 1. Supplies used during the year. 2. Total expenses for the year. 3. Service revenues for the year. 4. Ken Carr's capital balance on January 1 Answer:
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