Question
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 $655,000 on January 1, 2019, the beginning of the year. During the year, Ian withdrew $35,000.
Accounts payable $73,500 Accounts receivable 288,000 Cash 186,000 Fees earned 905,900 Land 542,000 Miscellaneous expense 6,600 Rent expense 30,000 Supplies 5,100 Supplies expense 4,200 Utilities expense 26,500 Wages expense 511,000 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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