Accounting

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If total liabilities increased by $25,000 during a period of time and owner’s equity decreased by $9,000 during the same period, then the amount and direction (increase or decrease) of the period’s change in total assets is a(n)

 

 

The following information relates to David Pande Co. for the year 2014.

Owner’s capital, January 1, 2014

  

$65,083

  

Advertising expense

  

$ 2,441

Owner’s drawings during 2014

  

8,135

  

Rent expense

  

14,101

Service revenue

  

86,235

  

Utilities expense

  

4,203

Salaries and wages expense

  

39,999

        

Warning

After analyzing the data, prepare an income statement for the year ending December 31, 2014.

DAVID PANDE CO.
Income Statement
For the Year Ended December 31, 2014

   

   

 

 

$After analyzing the data, prepare an owner’s equity statement for the year ending December 31, 2014. (List items that increase owner’s equity first.)

DAVID PANDE CO.
Owner’s Equity Statement
For the Year Ended December 31, 2014

$:

:

$[removed]

Warning

 

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