The following is selected financial information for Armani Company as of December 31, 2015: liabilities, $44,000; equity,

Question:

The following is selected financial information for Armani Company as of December 31, 2015: liabilities, $44,000; equity, $46,000; assets, $90,000.

Required

Prepare the balance sheet for Armani Company as of December 31, 2015.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...