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The assets abs and equities of Damen Design Studio have the following balances at December 31, 2018. The owner, Eric Damon, b
The assets, Babies and is of Damon Design Studio have the following balances at December 31, 2018 The owner m Click the icon


$ Notes Payable Rent Expense Cash Office Supplies Salaries Expense Property Tax Expense 14,000 23,000 3,200 5,100 65,000 2,20
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Answer #1
Income Statement
Service Revenue $ 154,600.00
Less: Expenses
Rent Expense $ 23,000.00
Salaries Expense $ 65,000.00
Property Tax Expense $   2,200.00
Utilities Expense $   7,200.00
Misc. Expense $   3,800.00
Total Expense $ 101,200.00
Net Income $   53,400.00
Statement of Owner's Equity
Capital, Jan 1, 2018 $   39,000.00
Add: Additional Contribution $   13,000.00
Add: Net Income $   53,400.00
$ 105,400.00
Less: Drawings $   57,000.00
Capital, Dec 31, 2018 $   48,400.00
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