ACCOUNTING PRINCIPLES V1 6/17 >C<
3rd Edition
ISBN: 9781323761434
Author: Horngren
Publisher: PEARSON C
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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
ACCOUNTING PRINCIPLES V1 6/17 >C<
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