Presented below are the balance of the assets, liabilities, owners equity, revenues and expenses of Albeitz Import
Question:
Presented below are the balance of the assets, liabilities, owner’s equity, revenues and expenses of Albeitz Import Service at December 31, 19x3, the end of its first year of business. During the years V. Albeitz, the owner invested 15000 in the business.
Note payable………………….30000
Utilities Exp…………………….6800
Account payable……………..3300
V. Albeitz, capital…………….27100
Service revenue……………….151200
Account receivable…………..9000
Supplies expense………………4000
Office furniture………………..45000
Rent Expense…………………….24000
Cash………………………………….3600
Office supplies………………….4800
Salary expense…………………49000
Salaries payable……………….2000
Property tax expense………..1200
Required
1. Prepared the income statement of Albeitz Import Service for the year ended December 31, 19X3
2. What was the amount of the proprietor’s withdrawal during the year?
