photo gallery works weddings and prom type parties the balance of leibovitz capital 538276
Preparing financial statements
Photo Gallery works weddings and prom-type parties. The balance of Leibovitz, capital was $17,000 at December 31, 2011. At December 31, 2012, the business”s accounting records show these balances:
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photo gallery works weddings and prom type parties the balance of leibovitz capital 538276
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|
Insurance expense |
$9,000 |
Accounts receivable |
$6,000 |
|
Cash |
$26,000 |
Note payable |
$14,000 |
|
Accounts payable |
4,000 |
Leibovitz, capital, Dec 31, 2012 |
? |
|
Advertising expense |
2,000 |
Salary expense |
21,000 |
|
Service revenue |
78,000 |
Equipment |
70,000 |
|
Leibovitz, drawing |
14,000 |
Owner investment, 2012 |
35,000 |
Requirement
1. Prepare the following financial statements for Photo Gallery for the year ended December 31, 2012:
a. Income statement
b. Statement of owner”s equity
c. Balance sheet
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