Presented below is selected information related to Howard Company at December 31, 2014. Howard reports financial information monthly.
Accounts Payable ............. $ 3,000
Cash ................... 4,500
Advertising Expense ............ 6,000
Service Revenue ............. 51,500
Equipment ................ 29,000
Salaries and Wages Expense ......... $16,500
Notes Payable .............. 25,000
Rent Expense ............... 10,500
Accounts Receivable ............ 13,500
Owner’s Drawings ............. 7,500
(a) Determine the total assets of Howard Company at December 31, 2014.
(b) Determine the net income that Howard Company reported for December 2014.
(c) Determine the owner’s equity of Howard Company at December 31, 2014.