Presented below is selected information related to Flanagan Company at December 31, 2017. Flanagan reports...
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Accounting
Presented below is selected information related to Flanagan Company at December 31, 2017. Flanagan reports financial information monthly. Equipment $10,000 Utilities Expense $ 4,000 Cash 8,000 Accounts Receivable 9,000 Service Revenue 36,000 Salaries and Wages Expense 7,000 Rent Expense 11,000 Notes Payable 16,500 Accounts Payable 2,000 Owners Drawings 5,000 Required: (a) Determine the total assets of Flanagan Company at December 31, 2017 (5 marks) (b) Determine the net income that Flanagan Company reported for December 2017. (10 marks) (c) Determine the owners equity of Flanagan Company at December 31, 2017. (10
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