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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