Natwerk Designs

Determine the amount of owner's(Jame's capital) as of July1,2006?

James cook is a proprietorship owned and operated restaurant by James.On july 1 2006, Jc has e following assets & liabilities: cash:$3200 Acc receivable:$1000 Supplies:$850 Land:$10,00 Acc payable:$1530 Restaurant space & kitchen equipment are currently being rented, pending the construction of a new restaurant complex on land purchased last year. Business transactions during july are summarized as follows: a)received cash from clients $3928 b)paid creditors on account $1055 c)received cash from James as additional investment $3700 d)paid restaurant rent for the month $1200 e)charged client for catering service on acc $2025 f)purchased kitchen supply on acc $245 g)receive cash from clients on acc $3000 h)receive invoice interior for interior design service(frm abc pty ltd) for july(to b pay on aug 10) $1635 I)determind the cost of kitchen supply on hand was $980;therefore the cost of supplies used during the month was $115 J)James withdrw $100k cash from the business for personal use

Public Comments

1. Determine the amount of owner's(Jame's capital) as of July1,2006? On july 1 2006, Jc has e following assets & liabilities: cash:$3200 Acc receivable:$1000 Supplies:$850 Land:$10,000 Acc payable:($1530) Owner's capital at July 1, 2006 : $13,520 The other info is all irrelevant as they occurred after July 1.