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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
The assets, liabilities, owner’s equity, revenues, and expenses of Award Specialties, an engraving business, at December 31, 20X6, the end of its first year of operation, have the following balances. During the year, T. Kershaw, the owner, invested $15,000 in the business.

Required
1. Prepare the income statement of Award Specialties for the year ended December 31, 20X6. What is the result of operations for 20X6?
2. What was the amount of the proprietor’s withdrawals during the year?
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