As of December 31, 2019, Armani Company’s financial records show the following items and amounts.Cash $10,000Accounts receivable 9,000Supplies 6,000Equipment 5,000Accounts payable 11,000A. Armani, Capital, Dec. 31, 2018 16,000A. Armani, Capital, Dec. 31, 2019 19,000A. Armani, Withdrawals . $13,000Consulting revenue . 33,000Rental revenue . 22,000Salaries expense 20,000Rent expense . 12,000Selling and administrative expenses 8,000 Required Prepare the 2019 year-end income statement for Armani Company.
As of December 31, 2019, Armani Company’s financial records show the following items and amounts.Cash $10,000Accounts receivable 9,000Supplies 6,000Equipment 5,000Accounts payable 11,000A. Armani, Capital, Dec. 31, 2018 16,000A. Armani, Capital, Dec. 31, 2019 19,000A. Armani, Withdrawals . $13,000Consulting revenue . 33,000Rental revenue . 22,000Salaries expense 20,000Rent expense . 12,000Selling and administrative expenses 8,000 Required Prepare the 2019 year-end income statement for Armani Company.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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As of December 31, 2019, Armani Company’s financial records show the following items and amounts.
Cash $10,000
Supplies 6,000
Equipment 5,000
Accounts payable 11,000
A. Armani, Capital, Dec. 31, 2018 16,000
A. Armani, Capital, Dec. 31, 2019 19,000
A. Armani, Withdrawals . $13,000
Consulting revenue . 33,000
Rental revenue . 22,000
Salaries expense 20,000
Rent expense . 12,000
Selling and administrative expenses 8,000 Required
Prepare the 2019 year-end income statement for Armani Company.
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