Presented below is selected information related to Howard Company at December 31, 2014. Howard reports financial information monthly.
|
Accounts Payable |
$ 3,000 |
Salaries and Wages Expense |
$16,500 |
|
Cash |
4,500 |
Notes Payable |
25,000 |
|
Advertising Expense |
6,000 |
Rent Expense |
10,500 |
|
Service Revenue |
51,500 |
Accounts Receivable |
13,500 |
|
Equipment |
29,000 |
Owner”s Drawings |
7,500 |
(a) Determine the total assets of Howard Company at December 31, 2014.
(b) Determine the net income that Howard Company reported for December 2014.
(c) Determine the owner”s equity of Howard Company at December 31, 2014.