Reference no: EM132911500
Problem - Financial Statements - Objective: Identify and summarize the financial information to prepare the statement of financial position and that of income and expenses.
Below are the assets and liabilities of Damaris Travel for December 31, 2012 (when its accounting period ends) and the revenues and expenses. ") For the year. Capital of Damaris Oquendo, owner, was $ 105,000 as of January 1, 2012, the beginning of the current year. During the current year Damaris withdrew ("withdrew") $ 12,000.
Accounts payable $28,000
Accounts receivable ("Accounts receivable") 65,000
Cash ("Cash") 115,000
Fees earned 240,000
Miscellaneous expense 5,000
Rent expense 50,000
Supplies ("Supplies") 7,000
Supplies expense 4,000
Utilities expense 20,000
Wages expense 95,000
Required -
1. Prepare income statement for the year current ending December 31, 2012.
2. Prepare statement of the owners' equity for the year current ending December 31, 2012.
3. Prepare balance sheet as of December 31, 2012?
4. What item ("item") appears in both, in the statement of equity of the owners ("statement of owners equity") and in the balance sheet ("Balance sheet")?
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