As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $2,600 cash during the year. $ 11,600 10,600 7,600 6,600 14,200 Cash Accounts receivable Supplies Equipment Accounts payable
As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $2,600 cash during the year. $ 11,600 10,600 7,600 6,600 14,200 Cash Accounts receivable Supplies Equipment Accounts payable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:As of December 31 of the current year, Armani Company's
records show the following. Hint. The owner invested
$2,600 cash during the year.
$ 11,600
10,600
7,600
6,600
14,200
17,600
22,200
14,600
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
36,200
25,200
21,600
13,600
9,600
Salaries expense
Rent expense
Selling and administrative expenses
Required:
Prepare the statement of owner's equity for Armani Company
for the current year ended December 31.
ARMANI COMPANY
Statement of Owner's Equity
For Current Year Ended December 31
Armani, Capital, December 31, prior year
17,600
Add: Investments by owner
2,600
Add: Net income
16,600
36,800
Less: Withdrawals by owner
(14,600)
Armani, Capital, December 31, current year
$
22,200
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