Question

# Tom started an engineering firm, Engineering Enterprises P.C. During its first month of operations, the following transactions were completed: I. Lori invested $33,000 in the business, which in turn issued common stock to her. II. The business purchased equipment on account for$6000. III. The business provided engineering services on account, $12,000. IV. The business paid salaries to the receptionist,$4000. V. The business received cash from a customer as payment on account $7000. VI. The business borrowed$9000 from the bank, issuing a note payable.

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## Answer to a math question Tom started an engineering firm, Engineering Enterprises P.C. During its first month of operations, the following transactions were completed: I. Lori invested $33,000 in the business, which in turn issued common stock to her. II. The business purchased equipment on account for$6000. III. The business provided engineering services on account, $12,000. IV. The business paid salaries to the receptionist,$4000. V. The business received cash from a customer as payment on account $7000. VI. The business borrowed$9000 from the bank, issuing a note payable.

4.4
To summarize the transactions:

I. Lori invested $33,000 in the business, issuing common stock. II. Equipment was purchased on account for$6,000.
III. Engineering services were provided on account for $12,000. IV. Salaries of$4,000 were paid to the receptionist.
V. Cash of $7,000 was received from a customer as payment on account. VI. The business borrowed$9,000 from the bank, issuing a note payable.

The total assets increased by $33,000 $Lori's investment$ +$6,000 $equipment$ + $7,000 $cash received$ =$46,000.

The total liabilities and equity increased by $33,000 $Lori's investment$. Therefore, the accounting equation after these transactions is: Assets = Liabilities + Equity Assets increase by$46,000
Liabilities and Equity increase by $33,000 \text{Assets} = \text{Liabilities} + \text{Equity} \$46,000 = \text{Liabilities} + \$33,000 \text{Liabilities} = \$46,000 - \$33,000 \text{Liabilities} = \$13,000

Answer: $\$13,000\$

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