EBK HORNGREN'S ACCOUNTING
12th Edition
ISBN: 9780134487212
Author: MILLER-NOBLES
Publisher: PEARSON CO
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Textbook Question
Chapter 1, Problem P1.43APGA
Preparing financial statements
Learning Objective 5
b. Ending Capital $76,000
Picture Perfect Photography works weddings and prom-type parties. The balance of Williamson. Capital was $16,000 at December 31, 2017. At December 31, 2018, the business's accounting records show these balances:
| Insurance Expense | $6,000 | $13,000 | |
| Cash | 42,000 | Notes Payable | 14,000 |
| Accounts Payable | 11,000 | Williamson, Capital, Dec. 31,2018 | ? |
| Advertising Expense | 4,000 | Salaries Expense | 25,000 |
| Service Revenue | 75,000 | Equipment | 46,000 |
| Williamson, Withdrawals | 8,000 | Owner contribution | 28,000 |
Prepare the following financial statements for Picture Perfect Photography for the year ended December 31,2018:
a. Income statement.
b. Statement of owner’s equity.
c.
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Chapter 1 Solutions
EBK HORNGREN'S ACCOUNTING
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