Accent Photography works weddings and prom-type parties. The balance of capital was $20,000 at December 31, 2010. At December 31, 2011, the business’s accounting records show these balances:
Insurance expense $8,000 Accounts receivable $10,000
Cash 31,000 Note payable 12,000
Accounts payable 6,000 Owner’s equity ?
Advertising expense 1,000 Salary expense 27,000
Service Revenue 81,000 Equipment 60,000
Owner withdrawals 15,000 Owner Investment 33,000
Requirement: Prepare the following financial statements for Accent Photography for the year ended December 31, 2011:
a. Income statement
b. Statement of owner’s equity
c. Balance sheet
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