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:
| 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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