Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 1, Problem 3AP
Preparing an income statement
P2
As of December 31, 2019, Armani Company's financial records show the following items and amounts.
| Cash.................................. $10,000 | A. Armani, Withdrawals.................... $13,000 |
| Consulting revenue....................... 33,000 | |
| Supplies............................... 6,000 | Rental revenue........................... 22,000 |
| Equipment............................. 5,000 | Salaries expense.......................... 20,000 |
| Accounts payable....................... 11,000 | Rent expense............................ 12,000 |
| A. Armani. Capital. Dec. 31, 2018.......... 16,000 | Selling and administrative expenses.......... 8,000 |
| A. Armani, Capital, Dec. 31,2019.......... 19,000 |
Required
Prepare the 2019 year-end income statement for Armani Company.
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Chapter 1 Solutions
Principles of Financial Accounting.
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