Do It! Review 1-05 a-c

Presented below is selected information related to Cullumber Company at December 31, 2020. Cullumber reports financial information monthly.

Accounts Payable		$ 4,054		Salaries and Wages Expense		$22,298
Cash		8,784		Notes Payable		33,785
Advertising Expense		8,108		Rent Expense		14,190
Service Revenue		72,300		Accounts Receivable		18,244
Equipment		39,191		Owners Drawings		10,135

Determine the total assets of Cullumber Company at December 31, 2020.

Total assets

$

SHOW SOLUTION

Determine the net income that Cullumber Company reported for December 2020.

Net income

$

SHOW SOLUTION

Determine the owners equity of Cullumber Company at December 31, 2020.

Owners equity

$