Exercise 1-12
The following information relates to Linda Stanley Co. For
the year 2008
Linda Stanley, Capital, January 1, 2008 $48,000
Advertising expense $1,800
Linda stanlet,
drawing during 2008
6,000
Rent expense
10,400
Service revenue
62,500
Utilities expense 3,100
Salaries expense
30,000
Instructions
After analyzing the data, prepare an income statement and an
owner's equity statement for the year ending December 31,2008.
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