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The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of Ian Eisele, owner, was $670,000 on January 1, 2019, the beginning of the year. During the year, Ian withdrew $42,000
Accounts | Amounts |
Accounts payable | $ 69,500 |
Accounts receivable | 285,000 |
Cash | 190,500 |
Fees earned | 912,500 |
Land | 544,000 |
Miscellaneous expense | 6,400 |
Rent expense | 36,000 |
Supplies | 5,500 |
Supplies expense | 4,100 |
Utilities expense | 28,500 |
Wages expense | 510,000 |
Required: | |||
1. | Prepare an income statement for the year ended December 31, 2019.* | ||
2. | Prepare a statement of owners equity for the year ended December 31, 2019.* | ||
3. | Prepare a balance sheet as of December 31, 2019.* | ||
4. | What item appears on both the statement of owners equity and the balance sheet?
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