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Presented below is selected information related to Flanagan Company at December 31, 2010. Flanagan reports financial information monthly.
Office Equipment
$10,000
Utilities Expense
$ 4,000
Cash
8,000
Accounts Receivable
9,000
Service Revenue
36,000
Wages Expense
7,000
Rent Expense
11,000
Notes Payable
16,500
Accounts Payable
2,000
Drawings
5,000
(a) Determine the total assets of Flanagan Company at December 31, 2010.
(b) Determine the net income that Flanagan Company reported for December 2010.
(c) Determine the owner's equity of Flanagan Company at December 31, 2010.
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