Accounting

Zmoves

If total liabilities increased by $25,000 during a period of time and owner's equity decreased by $9,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total assets is a(n)

The following information relates to David Pande Co. for the year 2014.

Owner’s capital, January 1, 2014	$65,083	Advertising expense	$ 2,441
Owner’s drawings during 2014	8,135	Rent expense	14,101
Service revenue	86,235	Utilities expense	4,203
Salaries and wages expense	39,999

Warning

After analyzing the data, prepare an income statement for the year ending December 31, 2014.

DAVID PANDE CO.
Income Statement
For the Year Ended December 31, 2014

$After analyzing the data, prepare an owner’s equity statement for the year ending December 31, 2014. (List items that increase owner's equity first.)