From the Information Given Below, Prepare a November Income Statement

question 149

Essay

From the information given below, prepare a November income statement, a November statement ^{of owner's equity, and a November 30 balance sheet}. ^{On November 1 of the current year, Victoria} Garza began Garza Décor with an initial investment of $50,000 cash. On November 30, her records showed the following (alphabetically arranged) items and amounts.
$\begin{array}{|l|c|l|}\hline \text { Accounts payable. } & \$ 12,000 &\text { Oftice furnishings. } & \$ 40,000 \\\hline \text { Accounts receivable. } & 19,000 &\text { Owner's withdrawals} & 6,000 \\\hline \text { Cash } & 21,200 &\text { Rent expense} & 9,600 \\\hline \text { Fees earned. } & 34,000& \text { Salaries expense. } & 4,200 \\\hline \text { Notes payable} & 4,250 & \text { Telephone expense } & 250 \\\hline\end{array}$

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