Question

Problem 1-5A Preparing a balance sheet LO P2 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 $10,300 9,300 6,300 5,300 23,600 4,300 7,600 13,300 33,600 22,600 20,300 12,300 8,300 Note: Early in 2017, the owner invested $1,000 cash in the business. Required: Prepare a year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31, 2017 Liabilities Assets Total liabilities 0 Equity Total assets $ 0 Total liabilities and equity $ 0

Answer 1

ARMANI COMPANY
Balance Sheet
December 31,2017
Assets		Liabilities
Equipments	$5300	Accounts Payable	$23600
Supplies	$6300
Accounts Receivable	$9300	Total Liabilities	$23600
Cash	$10300	Equity
		Armani, Capital	$7600
Total Assets	$31200	Total Liabilities and equity	$31200