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 $680,000 on January 1, 20Y5, the beginning of the year. During the year, James withdrew $45,000.

Accounts	Amounts
Accounts payable	$71,000
Accounts receivable	268,000
Cash	191,500
Fees earned	881,000
Land	546,000
Miscellaneous expense	6,700
Rent expense	33,000
Supplies	5,700
Supplies expense	4,100
Utilities expense	27,000
Wages expense	505,000

Required:

1.

Prepare an income statement for the year ended December 31, 20Y5.*

2.

Prepare a statement of owners equity for the year ended December 31, 20Y5.*

3.

Prepare a balance sheet as of December 31, 20Y5.*

4.

What item appears on both the statement of owners equity and the balance sheet?

*Be sure to complete the statement heading. Refer to the information given and the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries.