EBK HORNGREN'S ACCOUNTING
EBK HORNGREN'S ACCOUNTING
12th Edition
ISBN: 9780134491523
Author: Matsumura
Publisher: YUZU
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Textbook Question
Chapter 1, Problem P1.43APGA

Preparing financial statements

Learning Objective 5

b. Ending Capital $76,000

Picture Perfect Photography works weddings and prom-type parties. The balance of Williamson. Capital was $16,000 at December 31, 2017. At December 31, 2018, the business's accounting records show these balances:

    Insurance Expense $6,000 Accounts Receivable $13,000
    Cash 42,000 Notes Payable 14,000
    Accounts Payable 11,000 Williamson, Capital, Dec. 31,2018 ?
    Advertising Expense 4,000 Salaries Expense 25,000
    Service Revenue 75,000 Equipment 46,000
    Williamson, Withdrawals 8,000 Owner contribution 28,000

Prepare the following financial statements for Picture Perfect Photography for the year ended December 31,2018:

a. Income statement.

b. Statement of owner’s equity.

c. Balance sheet.

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Chapter 1 Solutions

EBK HORNGREN'S ACCOUNTING

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