Presented below is selected information related to Lance Company at December 31, 2012. Lance reports financial information monthly.

(a) Determine the total assets of Lance Company at December 31, 2012.(b) Determine the net income that Lance Company reported for December 2012.(c) Determine the owner??s equity of Lance Company at December 31,2012.

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Salaries and Wages Expense Notes Payable $16,500 25,000 Accounts Payable $ 3,000 4,500 Cash Rent Expense Accounts Receivable Advertising Expense 10,500 6,000 51,500 29,000 Service Revenue 13,500 Owner's Drawings Equipment 7,500