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Required information [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following.
Required information [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $2,000 cash during the year. Cash $ 11, 900 Accounts receivable 10, 000 Supplies 7,000 Equipment 6,000 Accounts payable 13, 006 Armani, Capital, December 31, prior year 17, 000 Armani, Capital, December 31, current year 21, 000 Armani, Withdrawals 14, 000 Consulting revenue 35, 000 Rental revenue 24,000 Salaries expense 21, 000 Rent expense 13, 000 Selling and administrative expenses 9,000 Required: Prepare the statement of owner's equity for Armani Company for the current year ended December 31. ARMANI COMPANY Statement of Owner's Equity For Current Year Ended December 31 Armani, Capital, December 31, prior year $ 17,000 Add: Investments by owner 2,000 Add: Net income 19.000 Less: Withdrawals by owner Armani, Capital, December 31, current year $ 19.000
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