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Preparing financial statements
Studio Photography works weddings and prom-type parties. The balance of Ansel, capital was $16,000 at December 31, 2011. At December 31, 2012, the business"s
accounting records show these balances:
9
Insurance expense
$ 8,000
Accounts receivable
Cash
37,000
Note payable
12,000
Accounts payable
7,000
Ansel, capital, Dec 31, 2012
?
Advertising expense
3,000
Salary expense
25,000
Service revenue
80,000
Equipment
50,000
Ansel, drawing
13,000
Owner investment, 2012
29,000
Requirement
1. Prepare the following financial statements for Studio Photography for the year ended December 31, 2012:
a. Income statement
b. Statement of owner"s equity
c. Balance sheet
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