Presented below is selected information related to Kirby Company at December
31, 2020. Kirby reports fi nancial information monthly.
Accounts Payable $ 3,000 Salaries and Wages Expense $16,500
Cash 6,500 Notes Payable 25,000
Advertising Expense 6,000 Rent Expense 10,500
Service Revenue 53,500 Accounts Receivable 13,500
Equipment 29,000 Owners Drawings 7,500
a. Determine the total assets of Kirby Company at December 31, 2020.
b. Determine the net income that Kirby Company reported for December 2020.
c. Determine the owners equity of Kirby Company at December 31, 2020