Preparing financial statements
Studio Photography works weddings and prom-type parties. The balance of Ansel, capital was $16,000 at December 31, 2011. At December 31, 2012, the business’s accounting records show these balances:
Requirement
1. Prepare the following financial statements for Studio Photography for the year ended December 31, 2012:
a. Income statement
b. Statement of owner’s equity
c. Balance sheet
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