Required: Prepare the 2019 year-end income statement for Armani Company. ARMANI COMPANY Income Statement For Year…
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Question “Required: Prepare the 2019 year-end income statement for Armani Company. ARMANI COMPANY Income Statement For Year…”
Required: Prepare the 2019 year-end income statement for Armani Company. ARMANI COMPANY Income Statement For Year Ended December 31, 2019 Revenues Total revenues Expenses Total expenses
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 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
Consulting Revenue Rental Revenue $34,400 $23,400 Total Revenues $57,800 Expenses Salaries Expense Rent Expense Selling & Administrative Expenses Total Expenses $20,700 $12,700 $ 8,700 $42,100 Net Income $15,700
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