Presented below is selected information related to Flanagan Company at December 31, 2010. Flanagan reports financial information monthly.
|
Office Equipment
|
$10,000
|
Utilities Expense
|
$ 4,000
|
|
Cash
|
8,000
|
Accounts Receivable
|
9,000
|
|
Service Revenue
|
36,000
|
Wages Expense
|
7,000
|
|
Rent Expense
|
11,000
|
Notes Payable
|
16,500
|
|
Accounts Payable
|
2,000
|
Drawings
|
5,000
|
(a) Determine the total assets of Flanagan Company at December 31, 2010.
(b) Determine the net income that Flanagan Company reported for December 2010.
(c) Determine the owner's equity of Flanagan Company at December 31, 2010.