1-2A

PR 1-2A Financial statements OBJ.5 The amounts of the assets and liabilities of Excalibur Travel Agency at December 31, 2045, the end of the year, and its revenue and expenses for the year follow. The capital of James Brewster, owner, was $710,000 on January 1, 2045, the beginning of the year. During the year, James withdrew $44,500. Chapter 1 Introduction to Accounting and Business 45 Accounts payable Accounts receivable Cash Fees earned Land Miscellaneous expense $ 73,500 302,000 201,900 967,000 576,500 6,800 Rent expense Supplies Supplies expense Utilities expense Wages expense $ 38,100 5,800 4300 30,200 540,400 Instructions 1. Prepare an income statement for the year ended December 31, 2045, 2. Prepare a statement of owner's equity for the year ended December 31, 20Y5. 3. Prepare a balance sheet as of December 31, 2045. 4. What item appears on both the statement of owner's equity and the balance sheet? Excalibur Travel Agency Income Statement For the Year Ended December 31, 2015 Revenues: Expenses: Total Expenses Net Income Excalibur Travel Agency Statement of Owner's Equity For the Year Ended December 31, 2045 Excalibur Travel Agency Balance Sheet December 31, 2045 Assets Total Assets Liabilities Owner's Equity Total Liabilities and Owner's Equity