Preparing Financial Statements & Evaluating Business Performance

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’s accounting records show these balances: Insurance expense $8,000                 Accounts receivable   $10,000Cash                          31,000              Note payable                 12,000Accounts payable       6,000               Owner’s equity                     ?Advertising expense    1,000              Salary expense               27,000Service Revenue         81,000             Equipment                       60,000Owner withdrawals 15,000                   Owner Investment            33,000Requirement: Prepare the following financial statements for Accent Photography for the year ended December 31, 2011:a. Income statement b. Statement of owner’s equityc. Balance sheet

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