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Smith software began with cash of 11000 smith then bought

Question -

1. Smith Software began with cash of $11,000. Smith then bought supplies for $2,400 on account. Separately, Smith paid $5,500 for a computer. Answer these questions.

a. How much in total assets does Smith have?

b. How much in liabilities does Smith owe?

2. Bill Hooper opened a software consulting firm that immediately paid $6,000 for a computer. Was Hooper's computer an expense of the business? If not, explain.

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Accounting Basics: Smith software began with cash of 11000 smith then bought

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