The amounts of the assets and liabilities of St. Simon Travel Service at December 31, 2015, 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 January 1, 2015, 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 December 31, 2015.
2. Prepare a statement of owner€™s equity for the current year ended December 31, 2015.
3. Prepare a balance sheet as at December 31, 2015.
4. What item appears on both the income statement and statement of owner€™s equity?

Transcribed Image Text:

Accounts payable Accounts receivable Cash Fees earned Miscellaneous expense 25,000 90,000 123, 000 500,000 11,000 Rent expense Supplies Supplies expense Utilities expense Wages expense $ 75,000 12,000 18. 000 36,000 280,000