Question

ses - Bla. Mylap & Master Saved 1 Quiz 0 Required information Use the following information for problem 3 to 5 LO P2 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 $11.900 10,900 7,900 6,900 14,800 15,900 4,900 6,900 14,900 36,800 25,800 21,900 13,900 9,900 Problem 1-5A Preparing a balance sheet LO P2 Required: Prepare a year-end balance sheet for Armani Company.

Answer 1

$14,800 Assets Cash Accounts Receivable Supplies Equipment ARMANI COMPANY Balance Sheet December 31, 2019 Liabilities $11.900 Accounts Payable $10.900 $7,900 Total Liabilties $6.900 Equity Common Stock Retained Earnings Total equity $37,600 Total Liabilities and Equity $14,800 $15.900 $6.900 $22.800 $37,600 Total Assets