Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The account balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or dividends by Awesome Travel Services during

The account balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or dividends by Awesome Travel Services during the year.

Accounts

Amount

Accounts

Amount

Accounts payable $12,000 Retained earnings (Jan. 1) $6,000
Accounts receivable 14,000 Supplies 1,000
Cash 18,000 Income taxes expense 1,300
Common stock 4,000 Utilities expense 8,000
Computer equipment 21,000 Wages expense 25,000
Fees earned 78,000 Supplies expense 1,700
Rent expense 10,000

Required:

Prepare an income statement, a statement of stockholder's equity, and a balance sheet as of December 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) on the financial statements. Be sure to complete the statement heading.image text in transcribed

image text in transcribed

image text in transcribed

Prepare an income statement for the year ended December 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices or text entries. You will not need to enter colons () on Income statements. Be sure to complete the statement heading. Awesome Travel Services Income Statement (Label) 1 2 (Label) Income Statement Statement of Stockholder's Equity Prepare a stockholder's equity statement for the year ended December 31. Refer to the lists of Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Entries of 0 (zero) are not required and will be cleared if entered. Awesome Travel Services Statement of Stockholders' Equity (Label) Retained 1 Common Stock Total Earnings 2 Balance Sheet Prepare a balance sheet as of December 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Awesome Travel Services Balance Sheet (Label) 1 Assets 2

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

Authors: Carl warren, James Reeve, Jonathen Duchac, Sheila Elworthy,

Volume 1, 2nd canadian Edition

176509739, 978-0176509736, 978-0176509743

More Books

Students also viewed these Accounting questions

Question

Discuss global compensation practices.

Answered: 1 week ago

Question

Summarize global staffing practices.

Answered: 1 week ago

Question

Discuss the evolution of global business.

Answered: 1 week ago