Use the information in Exercise 2-25 to prepare a December statement of owner’s equity for Help Today. The C. Camry, Capital account balance at December 1 was $0, and the owner invested $102,000 in the company on December 2. Net income for December is $10,470.

Data from Exercise 2-25

Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On December 31, the company’s records show the following selected accounts and amounts for the month of December. Use this information to prepare a December income statement for the business.

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$25,360 Accounts payable... C. Camry, Capital.. C. Camry, Withdrawals.. Consulting revenue Rent expense. Cash Accounts receivable.... 22,360 Office supplies.. 5,250 Office equipment. 20,000 Land 44,000 $ 10,500 Salaries expense 102,000 Telephone expense. *** 6,000 Miscellaneous expenses. 27,000 9,550 $5,600 860 520