Preparing Financial Statements & Evaluating Business Performance
Accent Photography works weddings and prom-type parties. The balance of capital was $20,000 at December 31, 2010. At December 31, 2011, the business’s accounting records show these balances: ;
Insurance expense $8,000 ; ; ; ; ; ; ; ; Accounts receivable ; $10,000
OUR PROCESS
Order
Payment
Writing
Delivery
Why Choose Us: Cost-efficiency, Plagiarism free, Money Back Guarantee, On-time Delivery, Total Сonfidentiality, 24/7 Support, 100% originality
Cash ; ; ; ; ; ; ; ; ; ; ; ; ;31,000 ; ; ; ; ; ; ;Note payable ; ; ; ; ; ; ; ; 12,000
Accounts payable ; ; ; 6,000 ; ; ; ; ; ; ; Owner’s equity ; ; ; ; ; ; ; ; ; ; ?
Advertising expense ; ;1,000 ; ; ; ; ; ; ;Salary expense ; ; ; ; ; ; ; 27,000
Service Revenue ; ; ; ; 81,000 ; ; ; ; ; ; Equipment ; ; ; ; ; ; ; ; ; ; ; 60,000
Owner withdrawals 15,000 ; ; ; ; ; ; ; ; ; Owner Investment ; ; ; ; ; ;33,000
Requirement: Prepare the following financial statements for Accent Photography for the year ended December 31, 2011:
a. Income statement ;
b. Statement of owner’s equity
c. Balance sheet
