On January 1, 2009, Bill King began Best Answers, a consulting firm, with an initial...
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Accounting
On January 1, 2009, Bill King began Best Answers, a consulting firm, with an initial investment of $100,000 cash. On December 31, 2009, the records of the firm showed the following items and amounts: Accounts payable....... Accounts receivable..... Cash... Fees earned Notes payable............ $24,000 46,000 34,400 60,000 8,500 $80,000 12,000 7,200 Office equipment... Owner's withdrawals... Rent expense........... Salaries expense..... Telephone expense... 12,400 500 Required: From the information given above, prepare statement of owner's equity for year ended on December 31, 2009. Answer: Best Answers Statement of Owner's Equity For year ended December 31, 2009
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