[SOLVED] As of December 31, 2017, Armani Company’s financial records show the following items and amounts Cash Accounts receivable…..

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As of December 31, 2017, Armani Companys financial records show the following items and amounts Cash Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2016 A. Armani, Capital, Dec. 31, 2017 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $10,000 9,000 6,000 5,000 23,000 4,000 7,000 13,000 33,000 22,000 20,000 12,000 8,000 Note: Early in 2017, the owner invested $1,000 cash in the business Required Prepare a year-end statement of owners equity for Armani Company. Hint Notice the owner invested $1,000 cash during the year ARMANI COMPANY Statement of Owners Equity For Year Ended December 31, 2017 A. Armani, Capital, December 31, 2016 A. Armani, Capital, December 31, 20117

As of December 31, 2017, Armani Company’s financial records show the following items and amounts Cash Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2016 A. Armani, Capital, Dec. 31, 2017 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $10,000 9,000 6,000 5,000 23,000 4,000 7,000 13,000 33,000 22,000 20,000 12,000 8,000 Note: Early in 2017, the owner invested $1,000 cash in the business Required Prepare a year-end statement of owner’s equity for Armani Company. Hint Notice the owner invested $1,000 cash during the year ARMANI COMPANY Statement of Owner’s Equity For Year Ended December 31, 2017 A. Armani, Capital, December 31, 2016 A. Armani, Capital, December 31, 20117

Expert Answer

 

Solution of three independent questions
Armani Company
Statement of owner’s equity
Opening capital 4000
Add:- Invested capital 1000
Add:- Net income 15000
Less:- withdrawal -13000
Clsoing capital 7000
Income statement
Consulting revenue 33000
Rental revenue 22000
Less:- Salaries exp. -20000
Less:- rent exp. -12000
Less:- Selling and adm. Exp. -8000
Nte income tfd. 15000
Armani company – Balance Sheet
Assets
Current assets:-
Cash 10000
Supplies 6000
Accounts receivable 9000 25000
PPE:-
Equipment 5000
Total Assets 30000
Liabilities and Shareholder’s Equity
Current Liabilities
Accounts payable 23000
Owner’s equity
Owner’s equity 7000
Total Liabilities and Owner’s Equity 30,000
Kia company – CFS
Cash from operating activities 6000
Cash used by investing activities -2000
Cash used by financing activities -2800
Net increase in cash 1200
Opening balance 2300
Clsoing balance 3500

 

 

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