Question
In: Accounting
The revenues and expenses of adventure travel service for the year ended april 30,2019
The revenues and expenses of adventure travel service for the year ended april 30,2019
| Particulars | Amount$ |
| Fees earned | 2,180,000 |
| Office expense | 4,00,000 |
| Miscellaneous expense | 25,000 |
| Wages expense | 1,300,000 |
Prepare an income statement for the year ended april 30,2019
Solutions
Expert Solution
The Statement of Owner's Equity, also known as the Retained Earnings Statement, is a mandatory financial statement that shows the changes in equity for the current accounting period.
AT Service
Income Statement
For the year ended April 30,2019
| Fees earned | 21,80,000 | |
| Expenses | ||
| Wages Expense | $13,00,000 | |
| Office Expense | 4,00,000 | |
| Miscellaneous Expense | 25,000 | |
| Total Expenses | 17,25,000 | |
| Net income | $4,55,000 |
Therefore,income statement of AT service shows a net income of $4,55,000 for the year ended april 30,2019
balaji rao answered 1 year agoRelated Solutions
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Amount$
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Office Expense
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The balances of Adventure Travel Service’s accounting equation items for the year ended April 30, 2019,...
The balances of Adventure Travel Service’s 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
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Accounts
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Office expense
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Miscellaneous expense
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Prepare a balance sheet...
The balances of Adventure Travel Service’s accounting equation items for the year ended April 30, 2019,...
The balances of Adventure Travel Service’s accounting equation
items for the year ended April 30, 2019, are listed below. Jerome
Foley, the owner, invested an additional $60,000 in the business
during the year and withdrew cash of $40,000 for personal use.
Jerome Foley, capital as of May 1, 2018, was $1,020,000. Accounts
Fees earned $2,180,000 Office expense 400,000 Miscellaneous expense
25,000 Wages expense 1,300,000 Accounts payable 105,000 Accounts
receivable 485,000 Cash 197,000 Land 900,000 Supplies 18,000
Prepare a balance sheet...
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On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred...
On April 1, Jiro Nozomi created a new travel agency, Adventure
Travel. The following transactions occurred during the company’s
first month.
April
1
Nozomi invested
$41,000 cash and computer equipment worth $35,000 in the company in
exchange for common stock.
2
The company rented
furnished office space by paying $2,700 cash for the first month’s
(April) rent.
3
The company
purchased $1,500 of office supplies for cash.
10
The company paid
$2,300 cash for the premium on a 12-month insurance...
On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions...
On April 1, 2017, Jiro Nozomi created a new travel agency,
Adventure Travel. The following transactions occurred during the
company’s first month.
April
1
Nozomi invested $40,000 cash and computer equipment worth
$30,000 in the company.
2
The company rented furnished office space by paying $2,700 cash
for the first month’s (April) rent.
3
The company purchased $1,700 of office supplies for cash.
10
The company paid $2,300 cash for the premium on a 12-month
insurance policy. Coverage begins on...
On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions...
On April 1, 2017, Jiro Nozomi created a new travel agency,
Adventure Travel. The following transactions occurred during the
company’s first month.
April
1
Nozomi invested $40,000 cash and computer equipment worth
$30,000 in the company.
2
The company rented furnished office space by paying $2,700 cash
for the first month’s (April) rent.
3
The company purchased $1,700 of office supplies for cash.
10
The company paid $2,300 cash for the premium on a 12-month
insurance policy. Coverage begins on...
On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions...
On April 1, 2017, Jiro Nozomi created a new travel agency,
Adventure Travel. The following transactions occurred during the
company’s first month.
April
1
Nozomi invested $40,000 cash and computer equipment worth
$30,000 in the company.
2
The company rented furnished office space by paying $2,700 cash
for the first month’s (April) rent.
3
The company purchased $1,700 of office supplies for cash.
10
The company paid $2,300 cash for the premium on a 12-month
insurance policy. Coverage begins on...
On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions...
On April 1, 2017, Jiro Nozomi created a new travel agency,
Adventure Travel. The following transactions occurred during the
company’s first month.
April 1 Nozomi invested $39,000 cash and computer equipment
worth $35,000 in the company in exchange for common stock. 2 The
company rented furnished office space by paying $1,800 cash for the
first month’s (April) rent. 3 The company purchased $1,000 of
office supplies for cash. 10 The company paid $2,400 cash for the
premium on a 12-month...
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