Strand Corp has the following information for their first month of their professional services business: Revenues $150,000, wage expense $70,000, rent expense $20,000, advertising expense $10,000, cash $15,000, accounts receivable $15,000, equipment $100,000, accounts payable $5,000, notes payable $45,000, common stock $30,000. Questions: 1) how much is Strand’s Net Income? 2) what is the balance of Strand’s total assets? 3) what is the balance of Strand’s total Liabilities? 4) Do Assets = Liabilities + Equity? (prove it with numbers)
