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The following information relates to Karen Weigel Co. for the year 2020. Instructions After analyzing the data, prepare an income statement and an owners equity statement for the year ending December 31, 2020. Owner's capital, January 1, 2020 Owner's drawings during 2020 Service revenue Salaries and wages expense $42,000 6,000 $ 1,800 Advertising expense Rent expense Utilities expense 10,400 63,600

Chapter 1, Exercises #12

The following information relates to Karen Weigel Co. for the year 2020.
Owner's capital, January 1, 2020 Owner's drawings during 2020 Service revenue Salaries and wages expense $42,000 6,000 $


Instructions
After analyzing the data, prepare an income statement and an owner’s equity statement for the year ending December 31, 2020.

Transcribed Image Text:

Owner's capital, January 1, 2020 Owner's drawings during 2020 Service revenue Salaries and wages expense $42,000 6,000 $ 1,800 Advertising expense Rent expense Utilities expense 10,400 63,600 3,100 30,200

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KAREN WEIGEL CO. Income Statement For the Year Ended December 31, 2020 Revenues Service revenue....…View the full answer

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Related Book For answer-question
Accounting Principles

Accounting Principles

IFRS global edition

Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt

ISBN: 978-1119419617

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