Question: 1. The following is selected financial information for Sun Energy Company for the year ended December 31, 2011: revenues, $65,000; expenses, $50,000; net income, $15,000. Required Prepare the 2011 calendar-year income statement for Sun Energy Company.
2. Following is selected financial information for Boardwalk for the year ended December 31, 2011.
B. Walk, Capital, Dec. 31, 2011. . . . . . . . . . $15,000 B. Walk, Withdrawals . . . . . . . . . . . . . . . . $2,000 Net income . . . . . . . . . . . . . . . . . . . . . . . . 9,000 B. Walk, Capital, Dec. 31, 2010 . . . . . . . . . . 8,000
Required: Prepare the 2011 statement of owner's equity for Boardwalk.