i do not know how to do this, do i list all assets, liabilities, and equity s of

Question

i do not know how to do this, do i list all assets, liabilities, and equity

s of December 31, 2017, Armani Company’s financial records show the following items and amounts.

  
Required:
Prepare a year-end balance sheet for Armani Company.

Cash $ 11,900 Accounts receivable 10,900 Supplies 7,900 Equipment 6,900 Accounts payable 15,700 Common stock 14,000 Retained earnings, Dec. 31, 2016 5,900 Retained earnings, Dec. 31, 2017 7,900 Dividends 14,900 Consulting revenue 36,800 Rental revenue 25,800 Salaries expense 21,900 Rent expense 13,900 Selling and administrative expenses 9,900

Explanation / Answer

Statement of Profit and loss Consulting revenue 36,800 Rental revenue 25,800 Total Revenue (A) 62,600 Less- Expenses Salaries expense 21,900 Rent expense 13,900 Selling and administrative expenses 9,900 Total Expenses (B) 45,700 Net Profit (A-B) 16,900 Less- Dividend paid 14900 Net Profit Transferred to Retained earning 2,000 Retained Earnings Statement Retained earnings, Dec. 31, 2016 5,900 Add- Transfer from profit and loss account 2000 Retained earnings, Dec. 31, 2017 7,900 Year-end balance sheet for Armani Company Assets Common stockholders equity and liability Cash 11,900 Common stock 14,000 Accounts receivable 10,900 Retained earnings, Dec. 31, 2017 7,900 Supplies 7,900 Equipment 6,900 Accounts payable 15,700 Total 37,600 Total 37,600

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