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Question - On January 1, 2016 the amount of Bright Futures Company's capital was $14, 320. The amounts for the various assets, liabilities, revenues, and expenditures for the year 2016 are as follows: Prepare in Good form for year ended 12/31/2016 (a) an income statement, (b) a statement of owner's equity, and (c) a balance sheet.
Telephone Expense $1,150
Cash $3,000
Accounts Payable $1,540
Jason Bright, Withdrawal $800
Service Revenue $15,700
Rent Expense $1,400
Supplies $140
Accounts Receivable $1,500
Computer Equipment $20,000
Wages Expense $4,800
Utilities Expense $750
Notes Payable $2,400
Office Expense $420
Tony contributes land with a basis and value of $180,000 in exchange for a 40% interest in the calendar year of XYZ, LLC, which is treated as a partnership. In 2015, the LLC generates $600,000 of ordinary taxable income. Because LLC needs capital ..
at the beginning of the period the fabricating department budgeted direct labor of 6500 and equipment depreciation of
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