Festivity Party Center is owned by Christy Cho and has the following assets, liabilities, revenues, and...

 

Transcribed Image Text:

Festivity Party Center is owned by Christy Cho and has the following assets, liabilities, revenues, and expenses for the current year. The company has a December 31, 2020 year-end. $ $ Equipment 45,000 Rent expense 24,000 Salary expense 68,000 Cash 32.000 Accounts receivable 14,500 Fees earned 125,000 Accounts payable 49,500 Supplies expense 4.000 Building 100,000 Utilities payable 2,000 Supplies 1,500 insurance expense 12,000 C. Cho's beginning capital was $127,500 and drawings were $3,000 for the year. Required: Prepare the Income Statement (7 pts), Statement of Owner's equity (6 pts) Balance Sheet for Festivity Party Center (7 pts). The balance sheet does not have to be classified. 7 Financial statement #1 heading: Festivity Party Center is owned by Christy Cho and has the following assets, liabilities, revenues, and expenses for the current year. The company has a December 31, 2020 year-end. $ $ Equipment 45,000 Rent expense 24,000 Salary expense 68,000 Cash 32.000 Accounts receivable 14,500 Fees earned 125,000 Accounts payable 49,500 Supplies expense 4.000 Building 100,000 Utilities payable 2,000 Supplies 1,500 insurance expense 12,000 C. Cho's beginning capital was $127,500 and drawings were $3,000 for the year. Required: Prepare the Income Statement (7 pts), Statement of Owner's equity (6 pts) Balance Sheet for Festivity Party Center (7 pts). The balance sheet does not have to be classified. 7 Financial statement #1 heading:

Answer rating: 100% (QA)

Festivity Party Center Income statement For the Year ended December312020 Revenue F... View the full answer