Required: Prepare a year-end balance sheet for Armani Company ARMANI COMPANY Balance Sheet December 31, 2019…
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Question “Required: Prepare a year-end balance sheet for Armani Company ARMANI COMPANY Balance Sheet December 31, 2019…”
Required: Prepare a year-end balance sheet for Armani Company ARMANI COMPANY Balance Sheet December 31, 2019 Liabilities Assets Total liabilities Equity Total assets Total liabilities and equity
Required information As of December 31, 2019, Armani Company’s financial records show the following items and amounts. Cash Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2018 A. Armani, Capital, Dec. 31, 2019 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $10,700 9,700 6,700 5,700 12,400 16,700 20,400 13,700 34,400 23,400 20,700 12,700 8,700
Answer
December Balance Sheet of ARMANI COMPANY Accounts Payable Cash Accounts Receivables Supplies Equipment 12,400 9,700 6,700 Total Liabilities Equity A. Armani, Capital 12,400 5,700 20,400 $ 32,800 Total Liabilities and Equity Total assets S 32,800
ARMANI COMPANY Statement Of Owner’s Equity for Year Ended December 31, 2019. A. Armani Capital, December 31, 2018, Add: Owner’s investment $ 16,700 $ 15,700 $ 34.100 $ 13,700 $ 13,700 S 20,400. Less: Withdrawals from Owner A. Armani Capital, December 31, 2019, Working Notes: ARMANI COMPANY Income statement For Year Ended Dec 31, 2019. Revenues Consulting Revenue Rent Revenue Total Revenues Salaries Expense Rent Expense Selling & Administration ARMANI COMPANY $ 42,100 $ 15,700 $ 22,700 $ 12,700 $ 42,100 $ 14,100 $ 15,700 $ 11,700 $ 12,700 $ 2,700 $ 26,700 $ 19,700 $ 18,700 $ 31,100 $ 31,100 $ 43,100 $ 5,100 $ 14,100 $ 19,100 $ 13,700 $ 13,700 $ 13,700 $ 27,100 $ 31,100 $ 15,700 $ 12,700 $ 22,100 $ 15,700 $ 42,100 $ ARMANI COMPANY ARMANI COMPA ARMANI COMPA ARMANI COMPAIRE ARMANI COMPA ARMANI COMPA ARMANI COMPA ARMANI COMPA ARMANI COMPA ARMANI COMPA ARMANI COMPARRI ARMANI COMPA ARMANI COMPA ARMANI COMPA ARMANI COMPA ARMANI COMPA ARMANI COMPAS ARMANI COMPA ARMANI COMPA ARMANI COMPA ARMANI COMPA ARMANI COMPA ARM100 $42,100 $15700 $ ARMANI COMPA ARMANI COMPA ARMANI COMPA ARMANI COMPA ARMANI COMPA ARMANI COMPAN ARMANI COMPA ARMANI COMPA ARMANI COMPA ARMANI COMPA ARMANI COMPANY ARMANI COMPANY ARMANI COMPANY ARMANI COMPANY ARMANI COMPANY ARMANI COMPA ARMANI COMPANY ARMANI COMPANY ARMANI COMPANY ARMANI COMPANY
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