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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?
* 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. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owners equity, enter that amount as a negative number using a minus sign.

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