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.
