The accountant for Farley Corporation prepared the following list from the company's accounting records for the year ended December 31, 20XX:

Service revenue	$18,500		Cash	$ 3,000
Accounts receivable	2,500	A	Farley, Drawing	5,000
Equipment	4,200	L	Supplies expense	1,800
Accounts payable	1,200	L	Rent expenses	3,400
Wages expense	5,000	L	Farley, Capital 1/1/20XX	8,000
Office Supplies	800	A	Insurance expense	2,000

Required: Using the attached pages at the end of this document:

1.	Prepare an Income Statement for the year ended December 31, 20XX.
2.	Prepare a Statement of Owner’s Equity for the year ended December 31, 20XX.
3.	Prepare a Balance Sheet at December 31, 20XX.

Answer rating: 100% (QA)

Answer 1 Income Statement for the year ended December 31 20XX Particu... View the full answer