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Prepare an income statement and a balance sheet

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Reference no: EM132543263

Question - Below are the account balances as of December 31, 2016 of Mr. Peter owner of a movie theater

Account Payable $11,400

Admission Income 34,200

Capital January 1, 2016 16,000

Cash 7,500

Drawing 5,400

Equipment 18,500

Film Rental Expense 6,000

Miscellaneous Expense 4,000

Notes Payable 1,000

Rent Expense 10,000

Salaries Expense 7,000

Supplies 4,200

Required - Prepare (a) an income statement (b) a statement of owner's equity (c) a balance sheet.

Reference no: EM132543263

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