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. Given Data: Cash $ 10,600 Accounts receivable 9,600 Supplies 6,600 Equipment 5,600 Accounts payable 12,200 Armani, Capital, December 31, prior year 16,600 Armani, Capital, December 31, current year 20,200 Armani, Withdrawals 13,600 Consulting revenue 34,200 Rental revenue 23,200 Salaries expense 20,600 Rent expense 12,600 Selling and administrative expenses 8,600
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. Given Data: Cash $ 10,600 Accounts receivable 9,600 Supplies 6,600 Equipment 5,600 Accounts payable 12,200 Armani, Capital, December 31, prior year 16,600 Armani, Capital, December 31, current year 20,200 Armani, Withdrawals 13,600 Consulting revenue 34,200 Rental revenue 23,200 Salaries expense 20,600 Rent expense 12,600 Selling and administrative expenses 8,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I would like my work checked if possible.
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.
Given Data:
| Cash | $ 10,600 |
|---|---|
| 9,600 | |
| Supplies | 6,600 |
| Equipment | 5,600 |
| Accounts payable | 12,200 |
| Armani, Capital, December 31, prior year | 16,600 |
| Armani, Capital, December 31, current year | 20,200 |
| Armani, Withdrawals | 13,600 |
| Consulting revenue | 34,200 |
| Rental revenue | 23,200 |
| Salaries expense | 20,600 |
| Rent expense | 12,600 |
| Selling and administrative expenses | 8,600 |
My Response:
Transcribed Image Text:Required:
Prepare the income statement for Armani Company for the current year ended December 31.
Revenues
Accounts receivable
Consulting revenue
Rental revenue
Total revenues
Expenses
ARMANI COMPANY
Income Statement
For Current Year Ended December 31
Salaries expense
Accounts payable
Rent expense
Selling and administrative expenses
Supplies
Total expenses
Net income
$
9,600
34,200
23,200
20,600
12,200
12,600
8,600
6,600
$
$
67,000
60,600
6,400
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