1. A Income statement OBJ.S

The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 2017, follow:

Fees earned $1,870,000

Office expense 343,000

Miscellaneous expense 21,000

Wages expense 1,115,000

Prepare an income statement for the year ended April 30, 2017.

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2. Statement of owner's equity OBJ.

Using the income statement for Up-in-the-Air Travel Service shown in Practice Exercise 1-4A, prepare a statement of owner's equity for the year ended April 30, 2017. Jerome Foley, the owner, invested an additional $52,000 in the business during the year and withdrew cash of $34,000 for personal use. Jerome Foley, capital as of May 1, 2016, was $876,000.

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3. Balance sheet OBJ.

Using the following data for Up-in-the-Air Travel Service as well as the statement of own- er's equity shown in Practice Exercise 1-5A, prepare a report form balance sheet as of April 30, 20Y7: Accounts payable $ 90,000 Accounts receivable 417,000 Cash 170,000 Land 772.000 Supplies 16,000