Presented below is selected information related to Lance Company at December 31, 2012. Lance reports financial information monthly.
|
Accounts Payable |
$ 3,000 |
|
Cash |
4,500 |
|
Advertising Expense |
6,000 |
|
Service Revenue |
51,500 |
|
Equipment |
29,000 |
|
Salaries and Wages Expense |
$16,500 |
|
Notes Payable |
25,000 |
|
Rent Expense |
10,500 |
|
Accounts Receivable |
13,500 |
|
Owner’s Drawings |
7,500 |
(a) Determine the total assets of Lance Company at December 31, 2012.
(b) Determine the net income that Lance Company reported for December 2012.
(c) Determine the owner’s equity of Lance Company at December 31, 2012.