[The following information applies to the questions displayed below.] As of December 31 of the current...

Transcribed Image Text:

[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 $1,000 cash during the year. Cashi $ 10,000 Accounts receivable Supplies 9,000 7,000 Equipment Accounts payable Armani, Capital, December 31, prior year 4,000 11,000 16,000 Armani, Capital, December 31, current year 19,000 Armani, Withdrawals 13,000 Consulting revenue 33,000 Rental revenue 22,000 Salaries expense 20,000 Rent expense 12,000 Selling and administrative expenses 8,000 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 311 Armani, Capital, December 31, prior year Add: Net income Add: Net loss $ 16,000 15,000 31,000 Loss: Investments by owner 13,000 Armani, Capital, December 31, current year $ 18.000 [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 $1,000 cash during the year. Cashi $ 10,000 Accounts receivable Supplies 9,000 7,000 Equipment Accounts payable Armani, Capital, December 31, prior year 4,000 11,000 16,000 Armani, Capital, December 31, current year 19,000 Armani, Withdrawals 13,000 Consulting revenue 33,000 Rental revenue 22,000 Salaries expense 20,000 Rent expense 12,000 Selling and administrative expenses 8,000 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 311 Armani, Capital, December 31, prior year Add: Net income Add: Net loss $ 16,000 15,000 31,000 Loss: Investments by owner 13,000 Armani, Capital, December 31, current year $ 18.000