Question
The records of Andys Games at December 31, 2017 showed the following account balances: Accounts payable $12,000 Wages expense $60,000 Insurance expense 1,000 Advertising expense
The records of Andys Games at December 31, 2017 showed the following account balances: Accounts payable $12,000 Wages expense $60,000 Insurance expense 1,000 Advertising expense 10,000 Accounts receivable 19,000 Cash 15,000 Andy, capital, Jan 1, 2017 62,500 Equipment 25,000 Land 12,000 Maintenance expense 6,000 Notes payable 31,000 Revenues 130,000 Building 50,000 Interest expense 1,500 I n addition, Andy withdrew $36,000 during the year for personal expenses. Prepare in good form an Income Statement, Statement of Owners Equity, and Balance Sheet for the Year Ended December 31, 2017.
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