Insurance expense $8,000 cashe $7,000 Accounts payable $7,000 Advertising expense $3,000 Service revenue 80,000 Ansel drawing 13,000 Accounts receivable 8,000 Note payaboe 12,000 Ansel, capital, Dec 31, 2012 ? Salary expense 25,000 Equipment 0,000 Owner investment, 2012 29,000
1. Prepare the following financial statements for studion photography for the year ended december 31, 2012:
a. Income Statement
b. Statement of owners equity
c. Balance sheet.