Irvin Dempski owns and operates Adventure Travel Agency. The assets and liabilities of Adventure Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows: Accounts payable Accounts receivable Cash Fees earned Irvin Dempski, capital Land $52,000 310,400 198,600 1,400,000 1,485,000 1,350,000 Miscellaneous expense Rent expense Supplies Supplies expense Utilities expense Wages expense $22,100 75,000 6,000 15,300 40,000 870,000 Irvin Dempski, Capital was $1,410,400 as of January 1, 20Y5. During the year, Irvin Dempski made an additional investment in the business of $75,000 and withdrew $50,000 for personal use. Required: 1. Prepare an income statement for the year ended December 31, 20Y5. 2. Prepare a statement of owner's equity for the year ended December 31, 20Y5. 3. Prepare a balance sheet as of December 31, 20Y5. 4. What items appear on both the statement of owner's equity and the balance sheet?

  

Irvin Dempski owns and operates Adventure Travel Agency. The assets and liabilities of Adventure Travel Agency on December 31, 2015, and its revenue and expenses for the year are as follows: Accounts payable $52,000 Miscellaneous expense $22,100 Accounts receivable 310,400 Rent expense 75,000 Cash 198,600 Supplies 6,000 Fees earned 1,400,000 Supplies expense 15,300 Irvin Dempski, capital Land: 1,485,000 1,350,000 Utilities expense 40,000 Wages expense 870,000 Irvin Dempski, Capital was $1,410,400 as of January 1, 20Y5. During the year, Irvin Dempski made an additional investment in the business of $75,000 and withdrew $50,000 for personal use. Required: 1. Prepare an income statement for the year ended December 31, 2015. 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 items appear on both the statement of owner's equity and the balance sheet?