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.) E(Click the icon to view the income statement.) Prepare the statement of owner's equity of Elegant Arrangements for the year ended December 31, 2024. (Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal.) O Reference O Data Table Elegant Arrangements Abby, Capital, January 1, 2024 Insurance Expense 5.500 Salaries Expense 39,000 Income Statement Service Revenue 98,000 Accounts Payable 7,200 Year Ended December 31, 2024 Utilities Expense 1,100 Office Supplies 1,600 Revenues: Rent Expense 7,000 Abby, Withdrawals 42,500 Service Revenue 98,000 Abby, Capital, Jan. 1, 2024 10,000 Accounts Receivable 7,000 Expenses: Abby, Capital, December 31, 2024 Equipment Salaries Expense %24 39,000 Cash 5,400 11,400 Owner contribution during the year 5,300 Rent Expense 7,000 Insurance Expense 5,500 Utilities Expense 1,100 Print Done 52,600 Total Expenses 45,400 Net Income 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.) E(Click the icon to view the income statement.) Prepare the statement of owner's equity of Elegant Arrangements for the year ended December 31, 2024. (Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal.) O Reference O Data Table Elegant Arrangements Abby, Capital, January 1, 2024 Insurance Expense 5.500 Salaries Expense 39,000 Income Statement Service Revenue 98,000 Accounts Payable 7,200 Year Ended December 31, 2024 Utilities Expense 1,100 Office Supplies 1,600 Revenues: Rent Expense 7,000 Abby, Withdrawals 42,500 Service Revenue 98,000 Abby, Capital, Jan. 1, 2024 10,000 Accounts Receivable 7,000 Expenses: Abby, Capital, December 31, 2024 Equipment Salaries Expense %24 39,000 Cash 5,400 11,400 Owner contribution during the year 5,300 Rent Expense 7,000 Insurance Expense 5,500 Utilities Expense 1,100 Print Done 52,600 Total Expenses 45,400 Net Income Print Done
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter1: Introduction To Accounting And Business
Section: Chapter Questions
Problem 5PEA: Using the income statement for Ousel Travel Service shown in Practice Exercise 1-4A, prepare a...
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