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The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2016, the end of the year, and its revenue and expenses
The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2016, the end of the year, and its revenue and expenses for the year follow. The owner withdrew $40,000 during the year.
Accounts | Amounts |
---|---|
At May 1, 2015: | |
Harper Borg, capital | $180,000 |
At April 30, 2016: | |
Accounts payable | $25,000 |
Accounts receivable | 210,000 |
Cash | 146,000 |
Fees earned | 875,000 |
Miscellaneous expense | 15,000 |
Rent expense | 75,000 |
Supplies | 9,000 |
Supplies expense | 12,000 |
Taxes expense | 10,000 |
Utilities expense | 38,000 |
Wages expense | 525,000 |
Required: | |||
1. | Prepare an income statement for the year ended April 30, 2016.* | ||
2. | Prepare a statement of owners equity for the year ended April 30, 2016.* | ||
3. | Prepare a balance sheet as of April 30, 2016.* | ||
4. | What item appears on both the income statement and statement of owners equity?*
|
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