Yowell Company began operations on January 1, 2016. During 2016, the company engaged in the...
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Yowell Company began operations on January 1, 2016. During 2016, the company engaged in the following cash transactions: 1) issued stock for $60,000 2) borrowed $35,000 from its bank 3) provided consulting services for $58,000 4) paid back $25,000 of the bank loan 5) paid rent expense for $14,000 6) purchased equipment costing $22,000 7) paid $4,000 dividends to stockholders 8) paid employees' salaries, $31,000 2. Required information What is Yowell's ending notes payable balance? $10,000 $25,000 $0 $35,000 3. Required information What is Yowell's net income? $25,000 $56,000 $4,000
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