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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