The assets. liabilities, owner's equity, revenues, and expenses of Venecor Import Service at December 31, 20X3, the
Question:
The assets. liabilities, owner's equity, revenues, and expenses of Venecor Import Service at December 31, 20X3, the end of its first year of business, have the following balances. During the year, T. Venecor, the owner, invested $15,000 in the business. Office furniture.. $ 45.000 Note payable $30,000 Utilities expense 6.800 Rent expense 24.000. Accounts payable.. 3,300 Cash 3.600 T. Venecor, capital. 27.100 Office supplies. 4.800 Service revenue 161,200 Salary expense. 49.000 Accounts receivable 9,000 Salaries payable. 2.000 Supplies expense. 4.000. Property tax expense 1,200 Required 1. Prepare the income statement of Venecor Import Service for the year ended December 31, 20X3. What is the result of Venecor's operations for 20X3? 2. What was the amount of the proprietor's withdrawals during the year?
Step by Step Answer:
Accounting
ISBN: 9780130906991
5th Edition
Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones