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Print by: Iris Garcia AC114: Accounting I 1601C02 / Lab 114 Unit 2 Homework *Exercise 112 The following information relates to Armanda Co. for the year 2017. Owner's capital, January 1, 2017 $71,410 Advertising expense $ 2,678 Owner's drawings during 2017 8,926 Rent expense Service revenue 94,618 Utilities expense Salaries and wages expense 15,472 4,612 43,887 After analyzing the data, prepare an income statement for the year ending December 31, 2017. ARMANDA CO. Income Statement $ $ $ After analyzing the data, prepare an owner's equity statement for the year ending December 31, 2017. (List items that increase owner's equity first.) ARMANDA CO. Owner's Equity Statement $ : : $ Question Attempts: 0 of 5 used Copyright 20002016 by John Wiley & Sons, Inc. or related companies. All rights reserved. Print by: Iris Garcia AC114: Accounting I 1601C02 / Lab 114 Unit 2 Homework *Exercise 113 Abby Roland is the bookkeeper for Cheng Company. Abby has been trying to determine the correct balance sheet of Cheng Company. Cheng's balance sheet is shown below. CHENG COMPANY Balance Sheet December 31, 2017 Assets Cash Supplies Equipment Owner's drawings Total assets $19,134 10,205 58,678 16,583 $104,600 Liabilities Accounts payable Accounts receivable Owner's capital Total liabilities and owner's equity $26,788 (8,291) 86,103 $104,600 Prepare a correct balance sheet. (List Assets in order of liquidity.) CHENG COMPANY Balance Sheet Assets $ $ Liabilities and Owner's Equity $ $ Question Attempts: 0 of 5 used Copyright 20002016 by John Wiley & Sons, Inc. or related companies. All rights reserved. Print by: Iris Garcia AC114: Accounting I 1601C02 / Lab 114 Unit 2 Homework *Problem 13A On June 1, Cindy Godfrey started Divine Designs Co., a company that provides craft opportunities, by investing $12,990 cash in the business. Following are the assets and liabilities of the company at June 30 and the revenues and expenses for the month of June. Cash $11,000 Service Revenue Accounts Receivable 3,500 Advertising Expense Supplies 1,600 Rent Expense Equipment 10,000 Notes Payable 9,500 Accounts Payable $6,000 400 1,600 Gasoline Expense 220 Utilities Expense 170 1,400 Cindy made no additional investment in June but withdrew $1,400 in cash for personal use during the month. Prepare an income statement for the month of June. DIVINE DESIGNS CO. Income Statement $ $ $ Prepare an owner's equity statement for the month of June. (List items that increase owner's equity first.) DIVINE DESIGNS CO. Owner's Equity Statement $ : $ : $ Prepare a balance sheet at June 30, 2017. (List Assets in order of liquidity.) DIVINE DESIGNS CO. Balance Sheet Assets $ $ Liabilities and Owner's Equity $ $ Prepare an income statement for June assuming the following data are not included above: (1) $850 of services were performed and billed but not collected at June 30, and (2) $100 of gasoline expense was incurred but not paid. DIVINE DESIGNS CO. Income Statement $ $ $ Prepare an owner's equity statement for June assuming the following data are not included above: (1) $850 of revenue was earned and billed but not collected at June 30, and (2) $100 of gasoline expense was incurred but not paid. (List items that increase owner's equity first.) DIVINE DESIGNS CO. Owner's Equity Statement $ : $ : $ Question Attempts: 0 of 5 used Copyright 20002016 by John Wiley & Sons, Inc. or related companies. All rights reserved. References LEARNING OBJECTIVE 5 Describe the four financial statements and how they are prepared. Companies prepare four financial statements from the summarized accounting data: 1.An income statement presents the revenues and expenses and resulting net income or net loss for a specific period of time. 2.An owner's equity statement summarizes the changes in owner's equity for a specific period of time. 3.A balance sheet reports the assets, liabilities, and owner's equity at a specific date. 4.A statement of cash flows summarizes information about the cash inflows (receipts) and outflows (payments) for a specific period of time. These statements provide relevant financial data for internal and external users. Illustration 1.9 shows the financial statements of Softbyte. CLOSE