the owner of the company invested $17,160 cash into the business.
The company borrows $7,740 cash from the local bank. The company pays cash for a piece of equipment. The list price was $9,100, but after negotiation, the final purchase price was $8,700.
During the year, Thomas Company earned revenues totaling $298,400. The cash has been collected from the customers for all revenue earned this year.
Thomas Company incurred expenses totaling $211,700 during that same year. All of the expenses incurred this year were paid in cash.
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At the end of each quarter, Thomas Company distributed cash to its owners. The sum of those quarterly distributions was $15,400. Consider the following transactions for Thomas Company and their effect on the accounting equation. Click on each transaction for transacti details. Determine the new balance for each component of the accounting equation (assets, liabilities, owner's equity) resulting from the transaction. (You will not need to enter the amount of each transaction, only the balance after the transaction.) If an amount box does not require an entry, leave it blank. Transaction Assets = Liabilities + Owner's Equity Beginning $0 $0 $0 1. Investment in the business $17,160 $17,160 2. Borrow cash 3. Purchase equipment 4. Revenues earned $ 5. Expenses incurred $103,860 $88,460 V 6. Distributions