Financial statements

The amounts of the assets and liabilities of Excalibur Travel Agency at December 31, 20Y5, 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, 20Y5, the beginning of the year. During the year, James withdrew $44.500,

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Accounts payable 5 73,500 Rent expense $ 38,100 Accounts receivable 302.000 Supplies 5,800 Cash 201,900 Supplies expense 4,300 Fees earned 967,000 Utilities expense 30,200 Land 576.500 Wages expense 540,400 Miscellaneous experise 6,800 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, 2015. 3. Prepare a balance sheet as of December 31, 2015 4. What item appears on both the statement of owner's equity and the balance sheet? Prob. 1-2A Excalibur Travel Agency Income Statement For the Year Ended December 31, 2045 Revenues: Expenses: Total Expenses Net Income Excalibur Travel Agency Statement of Owner's Equity For the Year Ended December 31, 20Y5 Excalibur Travel Agency Balance Sheet December 31, 2045 Assets Total Assets Liabilities Owner's Equity Total Liabilities and Owner's Equity