LEARNING ACTIVITY 2 You recently graduated from Yorkville University with a BBA and were hired by Kidgets Tour Srvices. Your boss knows that you were an honest and ethical student who never cheated on any Learning Activities. He has asked you to prepare an Income Statement and Balance Sheet based on the following information. Your boss would also like you to write a brief paragraph on how you think the company could improve its Profitability. Account Accounts Payable Accounts Receivable Advertising Expense Cash Account Amount Amount Land 500,000 95,000 55,000 24,000 Accumulated Depreciation Equip 250,000 33,000 Common Stock 350,000 100,000 Equipment 86,000 Depreciation 15,000 Goodwill 75,000 22,000 Insurance Expense Fuel 405 5,000 Tax Rate Interest Expense 175,000 Retained Earnings 10,000 98,000 82,000 Short term Notes Payable Marketable Securities Marketing Expense Prepaid Rent 489,000 15,000 Mortgage 32,000 Tax Payable Tour Service Revenue 325,000 10,000 Interest Revenue 18,000 Unearned Revenue 125.000 22,000 Inventory Wages Payable