As of December 31, 2017, Armanl Company\'s financial records show the following

Question

As of December 31, 2017, Armanl Company's financial records show the following Items and amounts. Cash Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2016 A. Armani, Capital, Dec. 31, 2817 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11,9ee 18,9e0 7,9e8 6,988 26,888 5,988 18,808 14,988 36,888 25,880 21,98e 13,9e0 9,988 Note: Early In 2017, the owner Invested $1,000 cash In the buslness. Requlrec Prepare a year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31, 2017 Assets Liabilities Total liabilities Equity Total assets 0 Total liabilities and equity

Explanation / Answer

Armani Company Balance Sheet December 31, 2017 ASSETS LIABILITIES AND STOCKHOLDER'S EQUITY CURRENT ASSETS CURRENT LIABILITIES Cash (10000 11900 Account payable 26800 26800 Account receivable 10900 LONG TERM LIABILITIES Supplies 7900 30700 NON CURRENT ASSETS Owner's Equity 10800 Equipment 6900 6900 TOTAL ASSETS 37600 TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY 37600

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