As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $1,600 cash during the year. Cash Accounts receivable $ 10,600 9,600
As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $1,600 cash during the year. Cash Accounts receivable $ 10,600 9,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $1,600
cash during the year.
Cash
Accounts receivable
Supplies
Equipment
Accounts payable
Armani, Capital, December 31, prior year
Armani, Capital, December 31, current year
Armani, Withdrawals
Consulting revenue
Rental revenue
Salaries expense
Rent expense
Selling and administrative expenses
ARMANI COMPANY
Statement of Owner's Equity
For Current Year Ended December 31
$
Armani, Capital, December 31, prior year
Add: Investments by owner
Add: Net income
Required:
Prepare the statement of owner's equity for Armani Company for the current year ended December 31.
Less: Withdrawals by owner
Armani, Capital, December 31, current year
$
16,600
1,600
6,400
24,600
$ 10,600
9,600
6,600
13,600
11,000
5,600
12, 200
16,600
20, 200
13,600
34, 200
23,200
20,600
12,600
8,600](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7bd6ca04-f74b-423c-8f8e-485b90738dc0%2F5f29eaa0-21e0-466f-b418-4432ef780b78%2Fxtjuhtw_processed.png&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $1,600
cash during the year.
Cash
Accounts receivable
Supplies
Equipment
Accounts payable
Armani, Capital, December 31, prior year
Armani, Capital, December 31, current year
Armani, Withdrawals
Consulting revenue
Rental revenue
Salaries expense
Rent expense
Selling and administrative expenses
ARMANI COMPANY
Statement of Owner's Equity
For Current Year Ended December 31
$
Armani, Capital, December 31, prior year
Add: Investments by owner
Add: Net income
Required:
Prepare the statement of owner's equity for Armani Company for the current year ended December 31.
Less: Withdrawals by owner
Armani, Capital, December 31, current year
$
16,600
1,600
6,400
24,600
$ 10,600
9,600
6,600
13,600
11,000
5,600
12, 200
16,600
20, 200
13,600
34, 200
23,200
20,600
12,600
8,600
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