Question

Required information As of December 31, 2019, Armani Company's financial records show the following items and amounts. Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2018 Retained earnings, Dec. 31, 2019 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $10,800 9,800 6,800 5,800 12,600 14,800 3,800 5,800 13,800 34,600 23,600 20,800 12,800 8,800

Answer 1

Armani Company Income Statement For the Year Ended December 31, 2019 Revenues Consulting Revenue $34,600 Rental Revenue $ 23,600 $58,200 Total Revenues Expenses Salaires Expense Rent Expense Selling and administrative expense $ 20,800 $ 12,800 $ 8,800 Total Expenses Net Income $ 42,400 $ 15,800 Note : Do comment for any further assistance