As of December 31, 2017, Armani Company\'s financial records show the following

Question

As of December 31, 2017, Armani Company's financial records show the following items and amounts. $10,500 9,500 6,500 5,500 10,500 15,000 4,500 6,500 13,500 34,000 23,000 20,500 12,500 8,500 Cash Accounts receivable Equipaent Accounta Common stock Retained carnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses payable Required: Prepare the 2017 year-end income statement for Armani Company. ARMANI COMPA Income Statement For Year Ended December 31, 2017 Total revenues Total expenses

Explanation / Answer

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ans 1 Income Statement Revenue Consulting Revenue $34,000 Rental revenue 23000 Total revenue $57,000 Expenses salaries expenses 20500 Rent Expenses 12500 Selling & adm exp 8500 Total expenses 41500 Net income $15,500 Statement of Retained Eranings Retained Eranings Dec 31 2016 5900 Net Income $15,500 21400 Less: dividend 14900 Retained Eranings Dec 31 2017 6500 Armani Company Balance Sheet December 31 2017 Assets Liabilities Cash $10,500 Accounts Payable 10500 Accounts receivable 9500 Total Liabilites 10500 Supplies 6500 equity Equipment 5500 Common stock 15000 Retained Eranings 6500 Total Equity 21500 Total Assets $32,000 Total liabilities & equity 32000

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