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As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $1,600 cash during the year. Cash Accounts receivable $ 10,600 9,600

As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $1,600 cash during the year. Cash Accounts receivable $ 10,600 9,600

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.1DC
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[The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $1,600 cash during the year. Cash Accounts receivable Supplies Equipment Accounts payable Armani, Capital, December 31, prior year Armani, Capital, December 31, current year Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses ARMANI COMPANY Statement of Owner's Equity For Current Year Ended December 31 $ Armani, Capital, December 31, prior year Add: Investments by owner Add: Net income Required: Prepare the statement of owner's equity for Armani Company for the current year ended December 31. Less: Withdrawals by owner Armani, Capital, December 31, current year $ 16,600 1,600 6,400 24,600 $ 10,600 9,600 6,600 13,600 11,000 5,600 12, 200 16,600 20, 200 13,600 34, 200 23,200 20,600 12,600 8,600
Transcribed Image Text:[The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $1,600 cash during the year. Cash Accounts receivable Supplies Equipment Accounts payable Armani, Capital, December 31, prior year Armani, Capital, December 31, current year Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses ARMANI COMPANY Statement of Owner's Equity For Current Year Ended December 31 $ Armani, Capital, December 31, prior year Add: Investments by owner Add: Net income Required: Prepare the statement of owner's equity for Armani Company for the current year ended December 31. Less: Withdrawals by owner Armani, Capital, December 31, current year $ 16,600 1,600 6,400 24,600 $ 10,600 9,600 6,600 13,600 11,000 5,600 12, 200 16,600 20, 200 13,600 34, 200 23,200 20,600 12,600 8,600
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