As of December 31, 2019, Armani Company's financial records show the following items and amounts.
As of December 31, 2019, Armani Company's financial records show the following items and amounts.
Required:
Prepare a year-end statement of owner's equity for Armani Company.
Homework Answers
| Armani Company | |||
| Statement of Owner's equity | |||
| For the year ended December 31, 2019 | |||
| A. Armani, Capital, December 31, 2018 | $ 16,000 | ||
| Add: | |||
| Owner's contribution | $ 1,000 | ||
| Net Income | $ 15,000 | ||
| $ 32,000 | |||
| Less: | |||
| Witdrawals by owner | $ 13,000 | ||
| A. Armani, Capital, December 31, 2019 | $ 19,000 | ||
| Workings: | |||
| Armani Company | |||
| Income Statement | |||
| For the year ended December 31, 2017 | |||
| Revenues | |||
| Consultancy revenues | $ 33,000 | ||
| Rental revenues | $ 22,000 | ||
| (a) | Total revenues | $ 55,000 | |
| Expenses | |||
| Salaries Expense | $ 20,000 | ||
| Rent Expense | $ 12,000 | ||
| Selling and Administrative expense | $ 8,000 | ||
| (b) | Total expense | $ 40,000 | |
| (a) - (b) | Net Income | $ 15,000 | |
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