Insurance Expense $12,000 Accounts Receivable $10,000 Cash 37,000 Notes Payable
ID: 2337222 • Letter: I
Question
Insurance Expense
$12,000
Accounts Receivable
$10,000
Cash
37,000
Notes Payable
15,000
Accounts Payable
13,000
Willis, Capital, Dec. 31, 2018
?
Advertising Expense
2,000
Salaries Expense
21,000
Service Revenue
125,000
Equipment
105,000
Willis, Withdrawals
9,000
Owner contribution
25,000
PrintDone
Accent PhotographyAccent Photography
works weddings and prom-type parties. The balance of
WillisWillis,
Capital was
$ 18 comma 000$18,000
at
DecemberDecember
3131,
20172017.
At
DecemberDecember
3131,
20182018,
the business's accounting records show these balances:
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Accent PhotographyAccent Photography
DecemberDecember
3131,
20182018:
a.
Income statement.
b.
Statement of owner's equity.
c.
Balance sheet.
a. Prepare
Accent Photography'sAccent Photography's
income statement. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.)
Net Income
b. Prepare
Accent Photography'sAccent Photography's
statement of owner's equity.
Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal.
Willis, Capital, January 1, 2018
Willis, Capital, December 31, 2018
c. Prepare
Accent Photography'sAccent Photography's
balance sheet. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.)
Assets
Liabilities
Owner's Equity
Choose from any list or enter any number in the input fields and then continue to the next question.
Insurance Expense
$12,000
Accounts Receivable
$10,000
Cash
37,000
Notes Payable
15,000
Accounts Payable
13,000
Willis, Capital, Dec. 31, 2018
?
Advertising Expense
2,000
Salaries Expense
21,000
Service Revenue
125,000
Equipment
105,000
Willis, Withdrawals
9,000
Owner contribution
25,000
Explanation / Answer
Accent Photography Income Statement For the month ended December 31, 2018 (a) Revenues Service revenue $ 1,25,000 Total revenues (b) Expenses Insurance expense $ 12,000 Advertising expense $ 2,000 Salaries Expense $ 21,000 Total expense $ 35,000 (a) - (b) Net Income $ 90,000 Accent Photography Statement of Owner's equity For the month ended December 31, 2018 Willis, Capital, December 31, 2017 $ 18,000 Add: Owner's contribution $ 25,000 Net Income $ 90,000 $ 1,33,000 Less: Willis, witdrawals $ 9,000 Willis, Capital, December 31, 2018 $ 1,24,000 Accent Photography Balancesheet For the month ended December 31, 2018 Assets: Liabilities: Cash $ 37,000 Account Payable $ 13,000 Accounts receivables $ 10,000 Notes Payable $ 15,000 Equipment $ 1,05,000 Equity: Owner's Equity $ 1,24,000 Total Assets $ 1,52,000 Total Liabilities and equity $ 1,52,000
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