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.)ReferenceData TableElegant ArrangementsAbby, Capital, January 1, 2024Income StatementInsurance Expense$5,500Salaries Expense$39,000Service Revenue98,000Accounts Payable7,200Year Ended December 31, 2024Utilities Expense1,100Office SuppliesRevenues:1,600Rent Expense7,000Abby, Withdrawals42,500Service Revenue$98,000Abby, Capital, Jan. 1, 202410.000Accounts Receivable7,000Expenses:Abby, Capital, December 31, 2024CashEquipment11,400Salaries Expense39,0005,400Owner contribution during the year5,300Rent Expense7,000Insurance Expense5,5001,100Utilities ExpensePrintDoneTotal Expenses52,60045,400Net IncomePrintDone

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.)E (C

The statement of owner's equity is a part of financial statement which reports the changes in…

Business

Accounting

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.) O Reference O Data Table Elegant Arrangements Abby, Capital, January 1, 2024 Insurance Expense 5.500 Salaries Expense 39,000 Income Statement Service Revenue 98,000 Accounts Payable 7,200 Year Ended December 31, 2024 Utilities Expense 1,100 Office Supplies 1,600 Revenues: 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 Equipment Salaries Expense %24 39,000 Cash 5,400 11,400 Owner contribution during the year 5,300 Rent Expense 7,000 Insurance Expense 5,500 Utilities Expense 1,100 Print Done 52,600 Total Expenses 45,400 Net Income 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.) 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.) O Reference O Data Table Elegant Arrangements Abby, Capital, January 1, 2024 Insurance Expense 5.500 Salaries Expense 39,000 Income Statement Service Revenue 98,000 Accounts Payable 7,200 Year Ended December 31, 2024 Utilities Expense 1,100 Office Supplies 1,600 Revenues: 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 Equipment Salaries Expense %24 39,000 Cash 5,400 11,400 Owner contribution during the year 5,300 Rent Expense 7,000 Insurance Expense 5,500 Utilities Expense 1,100 Print Done 52,600 Total Expenses 45,400 Net Income 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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