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Question - The following items are taken from the financial statements of the Oriole Service for the year ending December 31, 2020:
Accounts payable $17600
Accounts receivable 11200
Accumulated depreciation - equipment 28500
Advertising expense 21400
Cash 14800
Owner's capital (1/1/20) 42300
Owner's drawings 14100
Depreciation expense 12200
Insurance expense 3100
Note payable, due 6/30/21 71100
Prepaid insurance (12-month policy) 5800
Rent expense 16800
Salaries and wages expense 31600
Service revenue 133400
Supplies 4100
Supplies expense 5900
Equipment 230000
Required - What is the balance that would be reported for owner's equity at December 31, 2020?
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