The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 20Y5, the end of the year, and its revenue and expenses for the year are listed below. The capital of Harper Borg, owner, was $54,180 at May 1, 20Y4, the beginning of the year, and the owner withdrew $28,700 during the year. Accounts payable $18,230 Accounts receivable 97,610 Cash 197,040 Fees earned 712,900 Miscellaneous expense 5,690 Rent expense 94,820 Supplies 8,490 Supplies expense 15,170 Taxes expense 10,000 Utilities expense 56,890 Wages expense 270,900 Required: 1. Prepare an income statement for the year ended April 30, 20Y5. Wilderness Travel Service Income Statement For the Year Ended April 30, 20Y5 $fill in the blank 8864d6079fd3031_2 Expenses: $fill in the blank 8864d6079fd3031_4 fill in the blank 8864d6079fd3031_6 fill in the blank 8864d6079fd3031_8 fill in the blank 8864d6079fd3031_10 fill in the blank 8864d6079fd3031_12 fill in the blank 8864d6079fd3031_14 Total expenses fill in the blank 8864d6079fd3031_15 $fill in the blank 8864d6079fd3031_17 2. Prepare a statement of owner's equity for the year ended April 30, 20Y5. Wilderness Travel Service Statement of Owner's Equity For the Year Ended April 30, 20Y5 $fill in the blank c381c2040fbdfc4_2 $fill in the blank c381c2040fbdfc4_4 fill in the blank c381c2040fbdfc4_6 fill in the blank c381c2040fbdfc4_8 $fill in the blank c381c2040fbdfc4_10 3. Prepare a balance sheet as of April 30, 20Y5. When entering assets, enter them in order of liquidity. Wilderness Travel Service Balance Sheet April 30, 20Y5 Assets $fill in the blank ec996ff66fa6015_2 fill in the blank ec996ff66fa6015_4 fill in the blank ec996ff66fa6015_6 Total assets $fill in the blank ec996ff66fa6015_7 Liabilities $fill in the blank ec996ff66fa6015_9 Owner's Equity fill in the blank ec996ff66fa6015_11 Total liabilities and owner's equity $fill in the blank ec996ff66fa6015_12

The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 20Y5, the end of the year, and its revenue and expenses for the year are listed below. The capital of Harper Borg, owner, was $54,180 at May 1, 20Y4, the beginning of the year, and the owner withdrew $28,700 during the year. Accounts payable $18,230 Accounts receivable 97,610 Cash 197,040 Fees earned 712,900 Miscellaneous expense 5,690 Rent expense 94,820 Supplies 8,490 Supplies expense 15,170 Taxes expense 10,000 Utilities expense 56,890 Wages expense 270,900 Required: 1. Prepare an income statement for the year ended April 30, 20Y5. Wilderness Travel Service Income Statement For the Year Ended April 30, 20Y5 $fill in the blank 8864d6079fd3031_2 Expenses: $fill in the blank 8864d6079fd3031_4 fill in the blank 8864d6079fd3031_6 fill in the blank 8864d6079fd3031_8 fill in the blank 8864d6079fd3031_10 fill in the blank 8864d6079fd3031_12 fill in the blank 8864d6079fd3031_14 Total expenses fill in the blank 8864d6079fd3031_15 $fill in the blank 8864d6079fd3031_17 2. Prepare a statement of owner's equity for the year ended April 30, 20Y5. Wilderness Travel Service Statement of Owner's Equity For the Year Ended April 30, 20Y5 $fill in the blank c381c2040fbdfc4_2 $fill in the blank c381c2040fbdfc4_4 fill in the blank c381c2040fbdfc4_6 fill in the blank c381c2040fbdfc4_8 $fill in the blank c381c2040fbdfc4_10 3. Prepare a balance sheet as of April 30, 20Y5. When entering assets, enter them in order of liquidity. Wilderness Travel Service Balance Sheet April 30, 20Y5 Assets $fill in the blank ec996ff66fa6015_2 fill in the blank ec996ff66fa6015_4 fill in the blank ec996ff66fa6015_6 Total assets $fill in the blank ec996ff66fa6015_7 Liabilities $fill in the blank ec996ff66fa6015_9 Owner's Equity fill in the blank ec996ff66fa6015_11 Total liabilities and owner's equity $fill in the blank ec996ff66fa6015_12

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter7: Financial Statements For A Proprietorship

Section: Chapter Questions

Problem 1MP

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Question

Accounts payable	$18,230
Accounts receivable	97,610
Cash	197,040
Fees earned	712,900
Miscellaneous expense	5,690
Rent expense	94,820
Supplies	8,490
Supplies expense	15,170
Taxes expense	10,000
Utilities expense	56,890
Wages expense	270,900

Required:

1. Prepare an income statement for the year ended April 30, 20Y5.

Wilderness Travel Service
Income Statement
For the Year Ended April 30, 20Y5
		$fill in the blank 8864d6079fd3031_2
Expenses:
	$fill in the blank 8864d6079fd3031_4
	fill in the blank 8864d6079fd3031_6
	fill in the blank 8864d6079fd3031_8
	fill in the blank 8864d6079fd3031_10
	fill in the blank 8864d6079fd3031_12
	fill in the blank 8864d6079fd3031_14
Total expenses		fill in the blank 8864d6079fd3031_15
		$fill in the blank 8864d6079fd3031_17

2. Prepare a statement of owner's equity for the year ended April 30, 20Y5.

Wilderness Travel Service
Statement of Owner's Equity
For the Year Ended April 30, 20Y5
		$fill in the blank c381c2040fbdfc4_2
	$fill in the blank c381c2040fbdfc4_4
	fill in the blank c381c2040fbdfc4_6
		fill in the blank c381c2040fbdfc4_8
		$fill in the blank c381c2040fbdfc4_10

3. Prepare a balance sheet as of April 30, 20Y5. When entering assets, enter them in order of liquidity.

Wilderness Travel Service
Balance Sheet
April 30, 20Y5
Assets
	$fill in the blank ec996ff66fa6015_2
	fill in the blank ec996ff66fa6015_4
	fill in the blank ec996ff66fa6015_6
Total assets	$fill in the blank ec996ff66fa6015_7
Liabilities
	$fill in the blank ec996ff66fa6015_9
Owner's Equity
	fill in the blank ec996ff66fa6015_11
Total liabilities and owner's equity	$fill in the blank ec996ff66fa6015_12

4. What item appears on both the income statement and statement of owner’s equity?

Financial Statements
The amounts of Lhe assats and liabilities of Wilderrisa Travel Service at April 30, 20Y5, the end of the year, and ts revenue and epanses for the year are listed belom. The capital of Harpir Borg, twner, mas 54, 180 at Mary 1, 20Y4, the begining of the year, and the owner withdrew $28,700 during the yeat
Accounts payable
e
S18,230
Accounts recaivable
97,610
Cash
197,040
Fees earned
712,900
Miscellaneous xpens
5,690
Rant experse
94,820
Supples
8,490
Suppies expet
15,170
Taxes experse
10,000
Utikties experse
56,890
Wages expese
270.900
Required:
1. Prepare an income statement for the year inded April 30, 20YS.
Wilderness Travel Service
Income Statement
For the Year Ended April 30, 20YS
Expenses:
Total expenses
2. Prepare a statement of owner's aquity for the year ended April 30, 20Y5.
Wilderness Travel Service
Statement of Owner's Equity
For the Year Ended April 30, 20YS
3. Prepare a balance shest as of April 30, 20Y5. When entering assets, enter them in order of iquidity.
Wilderness Travel Service
Balance Shest
April 30, 20YS
Assts
Total ts
Liabilities
Cn's Equaly
Total babilts and owner's quity
4. What item appears on both the income statiment and statement of owner's guity?

Wages expense
270,900
Required:
1. Prepare an income statement for the year ended April 30, 20Y5.
wilderness Travel Service
Income Statement
For the Year Ended April 30, 20Y5
Expenses:
Accounts payable
Accounts receivable
Fees earned
Harper Borg, capital
Net income
Rent expense
Supplies
2.
If owner's equity for the year ended April 3
Wilderness Travel Service

Expert Solution

Step 1

Financial statement is prepared from the trial balance which include :-

Profit and loss and other comprehensive income statement where all revenue and expenses will be shown and net profit or loss is calculated.
Statement of financial position where all the assets , liabilities and equities has been shown.

Trial balance means a statement which include all the debit or credit balances of accounts from ledgers and should match as so to pass the test of equality of debit and credit.

Due to our policy , we can answer only first three sub parts. For rest answer , please post the again with specific direction to solve the specific question.

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