Use the information in Problem 1-3A to prepare a year-end balance sheet for Armani Company In Problem

Question:

Use the information in Problem 1-3A to prepare a year-end for Armani Company
In Problem 1-3A
As of December 31, 2017, Armani Company's financial records show the following items and amounts
Cash ...................................................... $10,000
Accounts receivable .................................... 9,000
Supplies ................................................... 6,000
Equipment ................................................ 5,000
Accounts payable ........................................ 23,000
A. Armani, Capital, Dec. 31, 2016 .................... 4,000
A. Armani, Capital, Dec. 31, 2017 .................... 7,000
A. 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
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...