Insurance Expense Cash Accounts Payable Advertising Expense Service Revenue Dividends $ 6,000 Accounts Receivable 42,000 Notes Payable 11,000 Retained Earnings, Dec. 31, 2018 4,000 Salaries Expense $ 13,000 14,000 75,000 Equipment 8,000 Common Stock 25,000 46,000 28,000
Insurance Expense Cash Accounts Payable Advertising Expense Service Revenue Dividends $ 6,000 Accounts Receivable 42,000 Notes Payable 11,000 Retained Earnings, Dec. 31, 2018 4,000 Salaries Expense $ 13,000 14,000 75,000 Equipment 8,000 Common Stock 25,000 46,000 28,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Preparing financial statements
Picture Perfect Photography works weddings and prom-type parties. The balance of
Prepare the following financial statements for Picture Perfect Photography for the year ended December 31, 2018:
a. Income statement.
b. Statement of retained earnings.
c.
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