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 $1,600 cash during the year. Given Data:Cash$ 10,600Accounts receivable9,600Supplies6,600Equipment5,600Accounts payable12,200Armani, Capital, December 31, prior year16,600Armani, Capital, December 31, current year20,200Armani, Withdrawals13,600Consulting revenue34,200Rental revenue23,200Salaries expense20,600Rent expense12,600Selling and administrative expenses8,600 My Response: Required:Prepare the income statement for Armani Company for the current year ended December 31.RevenuesAccounts receivableConsulting revenueRental revenueTotal revenuesExpensesARMANI COMPANYIncome StatementFor Current Year Ended December 31Salaries expenseAccounts payableRent expenseSelling and administrative expensesSuppliesTotal expensesNet income$9,60034,20023,20020,60012,20012,6008,6006,600$$67,00060,6006,400

Income statement is one of the financial statement which is used for the purpose of reporting the…

Answered: As of December 31 of the current year,…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

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Problem 40E: Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for...

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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
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

My Response:

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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