Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need income statement, statement of owners equity, balance sheet and final answer please nstructions Accounts Amounts Accounts payable $73,000 Accounts receivable 277,000 Cash 191,500 Fees

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

need income statement, statement of owners equity, balance sheet and final answer please

nstructions Accounts Amounts Accounts payable $73,000 Accounts receivable 277,000 Cash 191,500 Fees earned 918,700 Land 547,000 Miscellaneous expense 6,000 Rent expense 34,000 Supplies 6,000 Supplies expense 4,200 Utilities expense 29,000 Wages expense 505,000 withdrawals Instructions Labels and Amount Descriptions Income Statement Statement of Owner's Equity Balance Sheet Final Question nstructions 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 $645,000 on January 1, 2045, the beginning of the year. During the year, James withdrew $37,000. Accounts Amounts Accounts payable $73,000 Accounts receivable 277,000 Cash 191,500 Fees earned 918.700 Land 547,000 Miscellaneous expense 6,000 Rent expense 34,000 Sunglies Ann Withdrawals Instructions Labels and Amount Descriptions Th Income Statement Bril 1. Prepare an income statement for the year ended December 31, 2015. Be sure to complete the statement heading Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording the answer choices for text entries Enter amounts as positive numbers unless the amount is a calculation that results in a negative arount For example Net loss should be negative Expenses should be positive. A coion will automatically appear if it is required Excalibur Travel Agency Income Statement (Label 1 2 (Label) 3 4 5 E 7 8 bels and Amount Descriptions Income Statement Statement of Owner's Equity 1 the 2. Prepare a statement of owners equity for the year ended December 31, 2015. Be sure to complete the staternent heading Refer to the information given and the lists of account provided for the exect wording of the answer choices for text entries. It requwed, use the minus sign to indicate any decreases in equity. Excalibur Travel Agency Statement of Owner's Equity For the Year Ended December 31, 2045 1 1 2 4 5 5 6 7 2 Statement of Owner's Equity Balance Sheet 1 choices for text entries. When entering assets, enter them in order of liquidity 2 and Excalibur Travel Agency Balance Sheet (Label) 1 Assets 1 2 2 2 3 3 4 4 5 5 6 6 7 Liabilities 7 2 % Owner's equity 9 10 structions Labels and Amount Descriptions ch Income Statement M Final Question 4. What item appears on both the statement of owner's equity and the balance sheet? Liabilities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Managers And Entrepreneurs

Authors: Charles T. Horngren

8th Edition

1269778684, 9781269778688

More Books

Students also viewed these Accounting questions