Cash....... $10,000 A. Armani, Withdrawals $13,000 Accounts receivable. 9,000 Consulting revenue Rental revenue.. 33,000 Supplies... 6,000 22,000 Equipment.. 5,000 Salaries expense. 20,000 Accounts payable . 11,000 Rent expense 12,000 A. Armani, Capital, Dec. 31, 2018. 16,000 Selling and administrative expenses. 8,000 A. Armani, Capital, Dec. 31, 2019. 19,000

Cash....... $10,000 A. Armani, Withdrawals $13,000 Accounts receivable. 9,000 Consulting revenue Rental revenue.. 33,000 Supplies... 6,000 22,000 Equipment.. 5,000 Salaries expense. 20,000 Accounts payable . 11,000 Rent expense 12,000 A. Armani, Capital, Dec. 31, 2018. 16,000 Selling and administrative expenses. 8,000 A. Armani, Capital, Dec. 31, 2019. 19,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

As of December 31, 2019, Armani Company’s financial records show the following items and amounts. Prepare the 2019 year-end income statement for Armani Company.

Cash.......
$10,000
A. Armani, Withdrawals
$13,000
Accounts receivable.
9,000
Consulting revenue
Rental revenue..
33,000
Supplies...
6,000
22,000
Equipment..
5,000
Salaries expense.
20,000
Accounts payable .
11,000
Rent expense
12,000
A. Armani, Capital, Dec. 31, 2018.
16,000
Selling and administrative expenses.
8,000
A. Armani, Capital, Dec. 31, 2019.
19,000

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