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Determine the total assets of flanagan company

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Reference no: EM13513391

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.

 

Reference no: EM13513391

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