The amounts of the assets and liabilities of St. Simon Travel Service at June 30, 2012, the end of the current year, and its revenue and expenses for the year are listed below. The capital of Gwen Perez, owner, was $150,000 at July 1, 2011, the beginning of the current year, and the owner withdrew $30,000 during the current year.

Instructions
1. Prepare an income statement for the current year ended June 30, 2012.
2. Prepare a statement of owner€™s equity for the current year ended June 30, 2012.
3. Prepare a balance sheet as of June 30, 2012.
4. What item appears on both the income statement and statement of owner€™sequity?

Transcribed Image Text:

S 12,000 10,000 8,000 36,000 280,000 Accounts payable Accounts receivable 25,000 90,000 123,000 500,000 11,000 75,000 Supplies Supplies expense Taxes expense Utilities expense Wages expense Fees earned Miscellaneous expense Rent expense