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Financial statements 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 capital of Harper Borg, owner, was $180,000 at May 1, 2015, the beginning of the year, and the owner withdrew $40,000 during the year. 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 Instructions 1. Prepare an income statement for the year ended April 30, 2016. 2. Prepare a statement of owner’s 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 owner’s equity?

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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615
BuyFind

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615

Solutions

Chapter
Section
Chapter 1, Problem 1.2BPR
Textbook Problem

Financial statements

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 capital of Harper Borg, owner, was $180,000 at May 1, 2015, the beginning of the year, and the owner withdrew $40,000 during the year.

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

Instructions

  1. 1. Prepare an income statement for the year ended April 30, 2016.
  2. 2. Prepare a statement of owner’s equity for the year ended April 30, 2016.
  3. 3. Prepare a balance sheet as of April 30, 2016.
  4. 4. What item appears on both the income statement and statement of owner’s equity?

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Chapter 1 Solutions

Accounting (Text Only)
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