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Question: 1. Selected financial information for Online Co. for the year ended December 31, 2011, follows.

Revenues . . . . . . . $58,000 Expenses . . . . . . . . $30,000 Net income . . . . . . . $28,000

Required: Prepare the 2011 income statement for Online Company.

2. Following is selected financial information of ComEx for the year ended December 31, 2011.

C. Tex, Capital, Dec. 31, 2011 . . . . . . . . . . . $47,000 C. Tex, Withdrawals . . . . . . . . . . . . . . . . . . $ 8,000

Net income . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 C. Tex, Capital, Dec. 31, 2010 . . . . . . . . . . . 49,000

Required: Prepare the 2011 statement of owner's equity for ComEx.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92336642

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