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Preparing financial statements and evaluating business performance
Preparing financial statements and evaluating business performance.
Accent photography works weddings and prom-like photography.
The balance of capital as of December 31, 2010 . At December 31, 2011, the business’s
accounting records show these balances:
Insurance expense …………….8,000 Accounts receivable 10,000
Cash ………….31,000 Note payable 12,000
Accounts payable……………..6,000 Owners Equity ?
Advertising expense…………1,000 Salary expense 27,000
Service revenue ……… 81,000 Equipment 60,000
Owner’s withdrawals ………15,000 Owner’s Investment 33,000
Requirement:
Prepare the following finamcial statement for Accent photography for the year
ended December 31, 2011:
a. income statements
b. Statement of owner’s equity
c. Balance Sheet
Haupt Consulting began operations and completed the first part of transactions in the first half of December:
December 2 Received 10,000 cash from owner Carl Haupt
Paid monthly office rent 500.00
Paid cash for Dell computer 2,000.00. This equip. expected to remain in service 5 years.
Purchased office furniture on account 3,600. should last 5 years.
Purchased supplies on account 300.00
Performed consulting service on a client on account, 1,700.
Paid utility expenses 200.00
Performed service for a client and received cash of 800.00