Question

E1-12 The following information relates to David Pande Co. for the year 2014. Owner's capital, January 1, 2014 $48,000 Advertising expense $ 1,800 Owner's drawings during 2014 6,000 Rent expense 10,400 Service revenue 63,600 Utilities expense 3,100 Salaries and wages expense 29,500 Alter analyzing the uata, prepare an income statement and an owner's equity statement the year ending December 31, 2014.

Answer 1

David Pande Co.
Income Statement
For the Year Ended December 31, 2014
Revenues
Service revenue		63,600
Expenses:
Salaries and wages expense	29,500
Advertising expense	1,800
Rent expense	10,400
Utilities expense	3,100
Total expenses		-44,800
Net Income		$18,800

David Pande Co.
Statement of Owners Equity
For the Year Ended December 31, 2014
Owner's capital ,January 1, 2014		48,000
Add: Net income	18,800
Less: Owners Drawings	-6,000
		12,800
Owner's capital ,December 31, 2014		$60,800

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