Reference no: EM133012071
Question - From the following information for Canner Company, create a Statement of Changes in Equity for year ended December 31, 2017, and Income Statement.
Cash $6,400
Common Shares, Nortel Enterprise 10,200
Supplies 3,600
Prepaid expenses 800
Equipment 18,000
Accumulated Amortization, equipment 3,000
Building 90,000
Accumulated Amortization, building 9,000
Land 28,500
Accounts payable 2,500
Interest payable 1,400
Rent payable 200
Wages payable 1,180
Propery taxes payable 2,330
Unearned professional fees 650
Long-term notes payable 32,000
Joe Canner, capital 91,800
Joe Canner, withdrawal 6,000
Professional fees earned 47,000
Rent earned 3,600
Dividends earned 500
Interest earned 1,120
Amortization expense, building 2,000
Amortization expense, equipment 1,000
Wages expense 17,500
Interest expense 1,200
Insurance expense 1,425
Rent expense 1,800
Supplies expense 900
Postage expense 310
Property taxes expense 3,825
Repairs expense 579
Telephone expense 421
Utilities expense 1,820
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