Studio Gallery provides pictures for high school yearbooks. During 2009 Mike Magid, the owner, withdrew ($ 16,000)

Question:

Studio Gallery provides pictures for high school yearbooks. During 2009 Mike Magid, the owner, withdrew $\$ 16,000$ for personal use. At December 31,2009 , the business's accounting records show these balances:

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Prepare the following financial statements for Studio Gallery:

a. Income statement for the year ended December 31, 2009

b. Statement of owner's equity for the year ended December 31, 2009. Mike Magid, Capital had a balance of $\$ 50,000$ on December 31 , 2008.

c. Balance sheet at December 31, 2009.

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Accounting

ISBN: 9780132439602

7th Edition

Authors: Charles T. Horngren, Walter T. Harrison

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Question Posted: May 08, 2024 09:02 AM

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Studio Gallery provides pictures for high school yearbooks. During 2009 Mike Magid, the owner, withdrew ($ 16,000)

Question:

Rent expense $ 7,000 Accounts receivable $ 8,000 Cash 20,000 Note payable 12,000 Accounts payable 6,000 Mike Magid, capital Advertising expense 4,000 Salary expense 22,000 Service revenue 74,000 Equipment 65,000

Step by Step Answer:

Accounting

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