Question

As of December 31, 2017, Armani Company’s financial records show the following items and amounts. Cash...

As of December 31, 2017, Armani Company’s financial records show the following items and amounts.

Cash $ 10,000
Accounts receivable 9,000
Supplies 6,000
Equipment 5,000
Accounts payable 11,000
Common stock 13,000
Retained earnings, Dec. 31, 2016 4,000
Retained earnings, Dec. 31, 2017 6,000
Dividends 13,000
Consulting revenue 33,000
Rental revenue 22,000
Salaries expense 20,000
Rent expense 12,000
Selling and administrative expenses 8,000


Required:

Prepare a year-end statement of retained earnings for Armani Company.


Required:
Prepare a year-end balance sheet for Armani Company.

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