Presented here are the accounts of Gate City Answering Service for the year ended December 31, 2012? Land $ 8,000 Owner investment, 2012 $ 28,000 Note payable 32,000 Accounts payable 11,000 Property tax expense 2,600 Accounts receivable 1,000 Wayne, drawing 30,000 Advertising expense 15,000 Rent expense 13,000 Building 145,200 Salary expense 65,000 Cash 3,000 Salary payable 1,300 Equipment 16,000 Service revenue 192,000 Insurance expense 2,500 Supplies 10,000 Interest expense 7,000 Waynce, capital, 12/31/2011 54,000 4. Answer these questions about the company: a. Was the result of operations for the year a profit or a loss? How much? b. How much in total economic resources does the company have as it moves into the new year? c. How much does the company owe to creditors? d. What is the dollar amount of the owner’s equity in the business at the end of the year?
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