Answer Sheet: PE 1-4A Up-in-the-Air Travel Service Income Statement For the Year Ended April 30, 2017 1870000 Revenues: Fees earned Expenses: Office expenses Miscellaneous expenses Wages expenses Total Expenses Net Income 343000 21000 1115000 1479000 391000 PE 1-5A Up-in-the-Air Travel Service Statement of Owner's Equity For the Year Ended April 30, 2017 Capital on April 30, 2017 Additional investment by owner Net income Withdrawals Increase/ Decrease in owner's equity Capital on PE 1-6A Up-in-the-Air Travel Service Balance Sheet April 30, 2017 Assets Total Assets Liabilities Owner's Equity Total Liabilities and Owner's Equity VitalSource Bookshelt: Accounting p.20 PE 1-4A Income statement OBU. 5 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. 4 A 20 PE 1-4B Income statement OBJ. 5 The revenues and expenses of Zenith Travel Service for the year ended August 31, 2014, follow: Fees earned $899,600 Office expense 353,800 Miscellaneous expense 14.400 Wages expense 539,800 Prepare an income statement for the year ended August 31, 20Y4. -5 21 PE 1-5A Statement of owner's equity OBJ. 5 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, 2046, was $876,000. -5 PE 1-5B Statement of owner's equity OBJ.5 Using the income statement for Zenith Travel Service shown in Practice Exercise 1-4B. prepare a statement of owner's equity for the year ended August 31, 20Y4. Megan Cox, the owner, invested an additional $13,200 in the business during the year and withdrew cash of $21,600 for personal use. Megan Cox, capital as of September 1, 2013, was $456,000. 1-6 PE 1-6A Balance sheet OBJ.5 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, 2017 Accounts payable $ 90,000 Accounts receivable 417.000 170.000 EE 1-5 21 PE 1-5A Statement of owner's equity OBJ.5 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, 20Y7. 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, 20Y6, was $876,000. EE 1-5 0 21 PE 1-5B Statement of owner's equity OBJ. 5 Using the income statement for Zenith Travel Service shown in Practice Exercise 1-4B, prepare a statement of owner's equity for the year ended August 31, 20Y4. Megan Cox, the owner, invested an additional $43,200 in the business during the year and withdrew cash of $21,600 for personal use. Megan Cox, capital as of September 1, 20Y3, was $456,000. EE 1-6.p.23 PE 1-6A Balance sheet OBJ.S 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, 2017: Accounts payable Accounts receivable Cash Land Supplies $ 90,000 417,000 170,000 772.000 16,000
