Question: Randall Company engaged in activities during the first year of
Randall Company engaged in activities during the first year of its operations that resulted in the following: service revenue, $4,800; expenses, $2,450; and withdrawals, $410. In addition, the year-end balances of selected accounts were as follows: Cash, $1,890; Other Assets, $1,000; Accounts Payable, $450; and Owner’s Capital, $2,440. Prepare Randall’s income statement, statement of owner’s equity and balance sheet (assume the year ends on December 31, 2014).
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