Elegant Arrangements has just completed operations for the year ended December 31, 2024. This is the third year of operations for the company. The following data have been assembled for the business:E (Click the icon to view the assembled data.)(Click the icon to view the income statement.)(Click on the icon to view the statement of owner's equity.)Prepare the balance sheet of Elegant Arrangements as of December 31, 2024. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.)ReferenceData TableAssetsLiabilitiesElegant Arrangements%2439,0005,400Insurance Expense$6,500Salaries ExpenseStatement of Owner's EquityService Revenue98,000Accounts PayableYear Ended December 31, 2024Owner's EquityUtilities Expense1,500Office Supplies1,900Sam, Capital, January 1, 2024$11,000Rent Expense9,000Sam, Withdrawals21,100Owner contribution5,300Sam, Capital, Jan. 1, 202411,000Accounts Receivable3,50042,000Net income for the yearCash4,800Equipment32.400$58,300Owner contribution during the year5,300Owner withdrawals(21,100)$37,200Sam, Capital, December 31, 2024PrintDonePrintDone

Name: Elegant Arrangements has just completed operations for the year ended
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Description: Elegant Arrangements has just completed operations for the year ended December 31, 2024. This is the third year of operations for the company. The following data have been assembled for the business:E (Click the icon to view the assembled data.)(Cli

Balance sheet is prepared by an entity to ascertain its financial position as on particular date.

Business

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Elegant Arrangements has just completed operations for the year ended December 31, 2024. This is the third year of operations for the company. The following data have been assembled for the business: E (Click the icon to view the assembled data.) (Click the icon to view the income statement.) (Click on the icon to view the statement of owner's equity.) Prepare the balance sheet of Elegant Arrangements as of December 31, 2024. (If a box is not used in the table leave the box empty: do not select a label or enter a zero.) O Reference Data Table Assets Liabilities Elegant Arrangements Insurance Expense 6,500 Salaries Expense 39,000 Statement of Owner's Equity Service Revenue 98,000 Accounts Payable 5,400 Year Ended December 31, 2024 Owner's Equity Utilities Expense 1,500 Office Supplies 1,900 Sam, Capital, January 1, 2024 2$ 11,000 Rent Expense 9,000 Sam, Withdrawals 21,100 Owner contribution 5,300 Sam, Capital, Jan. 1, 2024 11,000 Accounts Receivable 3,500 42,000 Net income for the year Cash 4,800 Equipment 32,400 24 58,300 Owner contribution during the year 5,300 (21,100) Owner withdrawals 37,200 Sam, Capital, December 31, 2024 Print Done Print Done

Elegant Arrangements has just completed operations for the year ended December 31, 2024. This is the third year of operations for the company. The following data have been assembled for the business: E (Click the icon to view the assembled data.) (Click the icon to view the income statement.) (Click on the icon to view the statement of owner's equity.) Prepare the balance sheet of Elegant Arrangements as of December 31, 2024. (If a box is not used in the table leave the box empty: do not select a label or enter a zero.) O Reference Data Table Assets Liabilities Elegant Arrangements Insurance Expense 6,500 Salaries Expense 39,000 Statement of Owner's Equity Service Revenue 98,000 Accounts Payable 5,400 Year Ended December 31, 2024 Owner's Equity Utilities Expense 1,500 Office Supplies 1,900 Sam, Capital, January 1, 2024 2$ 11,000 Rent Expense 9,000 Sam, Withdrawals 21,100 Owner contribution 5,300 Sam, Capital, Jan. 1, 2024 11,000 Accounts Receivable 3,500 42,000 Net income for the year Cash 4,800 Equipment 32,400 24 58,300 Owner contribution during the year 5,300 (21,100) Owner withdrawals 37,200 Sam, Capital, December 31, 2024 Print Done Print Done

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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Elegant Arrangements has just completed operations for the year ended December 31, 2024. This is the third year of operations for the company. The following data have been assembled for the business: E (Click the icon to view the assembled data.) E (Click the icon to view the income statement.) Prepare the statement of owner's equity of Elegant Arrangements for the year ended December 31, 2024. (Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal.) Reference Data Table Elegant Arrangements Abby, Capital, January 1, 2024 Income Statement Insurance Expense $ 5,500 Salaries Expense $ 39,000 Service Revenue 98,000 Accounts Payable 7,200 Year Ended December 31, 2024 Utilities Expense 1,100 Office Supplies Revenues: 1,600 Rent Expense 7,000 Abby, Withdrawals 42,500 Service Revenue $ 98,000 Abby, Capital, Jan. 1, 2024 10.000 Accounts Receivable 7,000 Expenses: Abby, Capital, December 31, 2024 Cash Equipment 11,400 Salaries Expense 39,000 5,400…
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