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Required: Prepare a year-end balance sheet for Armani Company.
| ARMINA COMPANY | |||
| Balance sheet | |||
| December 31,2019 | |||
| Assets | Liabilities | ||
| Total liabilities | |||
| Equity | |||
| Total assets | Total liabilities and equity |
Required information
As of December 31, 2019, Armani Company’s financial records show the following items and amounts.
| Cash | $ 10,700 |
| Accounts receivable | 9,700 |
| Supplies | 6,700 |
| Equipment | 5,700 |
| Accounts payable | 12,400 |
| A. Armani, Capital, Dec. 31, 2018 | 16,700 |
| A. Armani, Capital, Dec. 31, 2019 | 20,400 |
| A. Armani, Withdrawals | 13,700 |
| Consulting revenue | 34,400 |
| Rental revenue | 23,400 |
| Salaries expense | 20,700 |
| Rent expenses | 12,700 |
| Selling and administrative expenses | 8,700 |
♦ Relevant knowledge
Financial statements are essential to make a decision. They offer information that helps managers analyze the present state of the business.
1 Answer