Question
The balances of Adventure Travel Services accounting equation items for the year ended April 30, 2019, are listed below. Jerome Foley, the owner, invested an
The balances of Adventure Travel Services accounting equation items for the year ended April 30, 2019, are listed below. Jerome Foley, the owner, invested an additional $36,600 in the business during the year and withdrew cash of $16,600 for personal use. Jerome Foley, capital as of May 1, 2018, was $390,000.
Accounts | |
Fees earned | $746,000 |
Office expense | 295,500 |
Miscellaneous expense | 10,300 |
Wages expense | 450,000 |
Accounts payable | 43,600 |
Accounts receivable | 72,400 |
Cash | 45,600 |
Land | 320,900 |
Supplies | 4,900 |
Prepare a balance sheet as of April 30, 2019. Refer to 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. When entering assets, enter them in order of liquidity
use the following labels to set up the balance sheet
Labels | |
April 30, 2019 | |
Amount Descriptions | |
Net income | |
Jerome Foley, capital | |
Total assets | |
Total expenses | |
Total liabilities | |
Total liabilities and owners equity | |
Total revenue |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started