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As of December 31 of the current year, Armani Company’s records show the following. Cash $10,000 Accounts receivable $9,000 Supplies $7,000 Equipment $4,000 Accounts payable. $11,000 Common stock $14,000 Retained earnings, $3,000 December 31, prior year Retained earnings, $5,000 December 31, current year Dividends $13,000 Consulting revenue $33,000 Rental revenue $22,000 Salaries expense $20,000 Rent expense $12,000 Selling and administrative $20,000 expenses Required: Prepare the current year-end balance sheet for Armani Company
As of December 31 of the current year, Armani Company’s records show the following. Cash $10,000 Accounts receivable $9,000 Supplies $7,000 Equipment $4,000 Accounts payable. $11,000 Common stock $14,000 Retained earnings, $3,000 December 31, prior year Retained earnings, $5,000 December 31, current year Dividends $13,000 Consulting revenue $33,000 Rental revenue $22,000 Salaries expense $20,000 Rent expense $12,000 Selling and administrative $20,000 expenses Required: Prepare the current year-end balance sheet for Armani Company
Final answer:The balance sheet of the Armani Company as of December 31 includes total assets worth $30,000, liabilities of $11,000 and a total stockholders' equity of $6,000. The total liabilities and stockholders' equity combine to $17,000. However, the balance sheet does not balance as the total assets do not equal the total liabilities and stockholders' equity, indicating possible errors or missing balances.Explanation:The Year-End Balance Sheet for Armani CompanyThebalance sheetfor Armani Company as of December 31 of the current year would be prepared as follows:Please note, thisbalance sheetdoes not seem to be balanced as total assets do not equal total liabilities and Stockholders' equity. Therefore, either there are missing balances or there might be a calculation error.Learn more about Balance Sheet here:brainly.com/question/34287613#SPJ4...