Accent Photography works weddings and prom-type parties. The balance of capital was $20,000 at December 31, 2010. At December 31, 2011, the business’ accounting records show these balances:
Insurance expense $8,000
Cash $31,000
Accounts payable $6,000
Advertising Expense $1,000
Service revenue $81,000
Owner withdrawal $15,000
Accounts receivable $10,000
Note payable $12,000
Owner equity ?
Salary expense $27,000
Equipment $60,000
Owner Investment $33,000
Prepare the following statements for Accent Photography for the year end December 31, 2011:
A. Income statement
B. Statement of owner’s equity
C. Balance sheet
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