Use the information in Problem 1-3A to prepare a year-end statement of owner's equity for Armani Company. The owner invested $1,000 cash during the year.
In Problem 1-3A
As of December 31, 2017, Armani Company's financial records show the following items and amounts
Cash ...................................................... $10,000
Accounts receivable .................................... 9,000
Supplies ................................................... 6,000
Equipment ................................................ 5,000
Accounts payable ........................................ 23,000
A. Armani, Capital, Dec. 31, 2016 .................... 4,000
A. Armani, Capital, Dec. 31, 2017 .................... 7,000
A. Armani, Withdrawals .............................. 13,000
Consulting revenue .................................... 33,000
Rental revenue .......................................... 22,000
Salaries expense ........................................ 20,000
Rent expense ............................................ 12,000
Selling and administrative expenses ............... 8,000