Elegant Arrangements has just completed operations for the year ended December 31, 2024. This is the third year of operations for the company. The following data have been assembled for the business: E (Click the icon to view the assembled data.) (Click the icon to view the income statement.) (Click on the icon to view the statement of owner's equity.) Prepare the balance sheet of Elegant Arrangements as of December 31, 2024. (If a box is not used in the table leave the box empty: do not select a label or enter a zero.) O Reference Data Table Assets Liabilities Elegant Arrangements Insurance Expense 6,500 Salaries Expense 39,000 Statement of Owner's Equity Service Revenue 98,000 Accounts Payable 5,400 Year Ended December 31, 2024 Owner's Equity Utilities Expense 1,500 Office Supplies 1,900 Sam, Capital, January 1, 2024 2$ 11,000 Rent Expense 9,000 Sam, Withdrawals 21,100 Owner contribution 5,300 Sam, Capital, Jan. 1, 2024 11,000 Accounts Receivable 3,500 42,000 Net income for the year Cash 4,800 Equipment 32,400 24 58,300 Owner contribution during the year 5,300 (21,100) Owner withdrawals 37,200 Sam, Capital, December 31, 2024 Print Done Print Done
Elegant Arrangements has just completed operations for the year ended December 31, 2024. This is the third year of operations for the company. The following data have been assembled for the business: E (Click the icon to view the assembled data.) (Click the icon to view the income statement.) (Click on the icon to view the statement of owner's equity.) Prepare the balance sheet of Elegant Arrangements as of December 31, 2024. (If a box is not used in the table leave the box empty: do not select a label or enter a zero.) O Reference Data Table Assets Liabilities Elegant Arrangements Insurance Expense 6,500 Salaries Expense 39,000 Statement of Owner's Equity Service Revenue 98,000 Accounts Payable 5,400 Year Ended December 31, 2024 Owner's Equity Utilities Expense 1,500 Office Supplies 1,900 Sam, Capital, January 1, 2024 2$ 11,000 Rent Expense 9,000 Sam, Withdrawals 21,100 Owner contribution 5,300 Sam, Capital, Jan. 1, 2024 11,000 Accounts Receivable 3,500 42,000 Net income for the year Cash 4,800 Equipment 32,400 24 58,300 Owner contribution during the year 5,300 (21,100) Owner withdrawals 37,200 Sam, Capital, December 31, 2024 Print Done Print Done
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 6PB: Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2016, are...
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