Question

The assets, liabilities, and equities of Dundee Design Studio have the following balances at December 31, 2018. The owner, Ron Ingram, began EEE (Click the icon to view the account balances)(Click the icon to view the income statement for the year.) (Click the icon to view the statement of owner's equity for the year.) Dundee Design Studio Income Statement Year Ended December 31, 2018 Prepare the balance sheet for Dundee Design Studio as of December 31, 2018. (If a box is not used in the table leave the box empty; do not Revenues: Dundee Design Studio Balance Sheet December 31, 2018 Service Revenue $130,800 Expenses: Salaries Expense Rent Expense Utilities Expense Miscellaneous Expense Property Tax Expense 63,000 21,000 6,900 4,100 1,200 Assets Liabilities Owner's Equity Reference 96,200 Total Expenses 34,600 Net Income Dundee De Data Table Statement of PrintDone Year Ended Ingram, Capital, January 1, 2018 Notes Payable Rent Expense Cash Office Supplies Salaries Expense Property Tax Expense $15,900 6,900 2,800 130,800 8,200 4,100 $ 9,200 Office Furniture Owner contribution 12,000 34,600 $ 76,600 (56,000) $ 20,600 21,000 Utilities Expense 3,500 Accounts Payable 5,000 Service Revenue 63,000 Accounts Receivable Net income for the year Owner withdrawal 1,200 Miscellaneous Expense r31 2018

Answer 1

Answer

Dundee Design Studio
Balance Sheet
Dec 31, 2018
Assets		Liabilities
Cash	$3,500	Accounts Payable	$2,800
Office Supplies	$5,000	Notes Payable	$9,200
Accounts receivables	$8,200	Total Liabilities	$12,000
Office Furniture	$15,900	Owner's Equity
		Ingram, Capital	$20,600
Total Assets	$32,600	Total Liabilities & Equity	$32,600