Please help me find the net income As of December 31, 2017, Armani Company\'s fi

Question

Please help me find the net income

As of December 31, 2017, Armani Company's financial records show the following items and amounts. Cash Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2016 A. Armani, Capital, Dec. 31, 2017 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $10, 100 9, 100 6, 100 5, 100 23, 200 4,100 7, 200 13, 100 33, 200 22, 200 20, 100 12,100 8,100 Required: Prepare a yearend statement of owner's equity for Armani Company. Hint Notice the owner invested $1,100 cash during the year ARMANI COMPANY Statement of Owner's Equity For Year Ended December 31, 2017 4,100 A Armani, Capital, December 31, 2016 Add: Owmers investment Add: Net income 1,100 5 200

Explanation / Answer

Calculate net income :

Net income = 4100+1100-13100-7200 = 15100

Net income = 33200+22200-12100-20100-8100 = 15100

ARMANI COMPANY Statement of owner's equity For the year ended december 31,2017 A.Armani, capital, december 31,2016 $4100 Add: Owner's investment 1100 Add: Net income 15100 Less; Withdrawals by owner -13100 A.Armani, capital, december 31,2017 7200

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